Contract What
The mutuall transferring of Right, is that which men call contract.

There is difference, between transferring of Right to the Thing; and transferring, or tradition, that is, delivery of the Thing it selfe.  For the Thing may be delivered together with the Translation of the Right; as in buying and selling with ready mony; or exchange of goods, or lands:  and it may be delivered some time after.

Covenant What Again, one of the Contractors, may deliver the Thing contracted for on his part, and leave the other to perform his part at some determinate time after, and in the mean time be trusted; and then the Contract on his part, is called pact, or covenant:  Or both parts may contract now, to performe hereafter:  in which cases, he that is to performe in time to come, being trusted, his performance is called Keeping Of Promise, or Faith; and the fayling of performance (if it be voluntary) Violation Of Faith.

Free-gift When the transferring of Right, is not mutuall; but one of the parties transferreth, in hope to gain thereby friendship, or service from another, or from his friends; or in hope to gain the reputation of Charity, or Magnanimity; or to deliver his mind from the pain of compassion; or in hope of reward in heaven; This is not Contract, but gift, FREEGIFT, grace:  which words signifie one and the same thing.

Signes Of Contract Expresse
Signes of Contract, are either Expresse, or By Inference. 
Expresse, are words spoken with understanding of what they signifie;
And such words are either of the time Present, or Past; as, I Give,
I Grant, I Have Given, I Have Granted, I Will That This Be Yours: 
Or of the future; as, I Will Give, I Will Grant; which words
of the future, are called Promise.

Signes Of Contract By Inference Signes by Inference, are sometimes the consequence of Words; sometimes the consequence of Silence; sometimes the consequence of Actions; sometimes the consequence of Forbearing an Action:  and generally a signe by Inference, of any Contract, is whatsoever sufficiently argues the will of the Contractor.

Free Gift Passeth By Words Of The Present Or Past Words alone, if they be of the time to come, and contain a bare promise, are an insufficient signe of a Free-gift and therefore not obligatory.  For if they be of the time to Come, as, To Morrow I Will Give, they are a signe I have not given yet, and consequently that my right is not transferred, but remaineth till I transferre it by some other Act.  But if the words be of the time Present, or Past, as, “I have given, or do give to be delivered to morrow,” then is my to morrows Right given away to day; and that by the vertue of the words, though there were no other argument of my will.  And there is a great difference in the signification of these words, Volos Hoc Tuum Esse Cras, and Cros Dabo; that is between “I will that this be thine to morrow,”