The most common and most likely answer to this crossword clue is the 7 letter word PROMISE
I've seen this crossword clue in The Sunday Telegraph
P
R
O
M
I
S
E
More clues leading to the result PROMISE
- Guarantee concert is free at last
- Potential seafront walk is ending in Hove
- See 17D
- Agreement favouring skinflint getting curtailed
- Firm undertaking concert is English
- So, prime suspect is to swear oath?
- Word for short, tight-fisted type
- American dance is last to demonstrate potential
- Cause for hope in plight
- Word in email regularly seen in plain language
Buddy explains!

The straight part
We know that "contract" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case contract = promise.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does PROMISE mean?
PROMISE noun- An oath or affirmation; a vow
- A transaction between two persons whereby the first person undertakes in the future to render some service or gift to the second person or devotes something valuable now and here to his use
- Reason to expect improvement or success; potential
- A placeholder object representing the eventual result of an asynchronous operation
- Bestowal or fulfillment of what is promised
- To commit to (some action or outcome), or to assure (a person) of such commitment; to make an oath or vow.
- To give grounds for expectation, especially of something good.