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Party system is a political party system in which two major political parties consistently dominate the political landscape. The only way to prevent America's twoparty system from succumbing to extremism is to scrap it altogether.October 19, 2019, AM. Contract: An agreement between two or more parties to perform or to refrain from some act now or in the future. (a) Persons Required to Be Joined if Feasible. (b) The contract types are grouped into two broad categories: fixed-price contracts (see subpart 16. 2) and cost-reimbursement contracts (see subpart 16.3). A complete agreement is a legally binding contract between two or more parties. This type of agreement is also known as a "total" or "perfect" contract. A complete agreement is a legally binding contract between two or more parties.