My complaint is not directed at OTA, but at the FTC for coming after OTA.

My own situation: I have been a student for several years in forex trading. I have been on again/off again making progress on becoming good enough to make income trading. The upfront cost I paid for the course was several thousand dollars--not at all cheap. So far my trading has not consistently made money, so the amounts I trade are very small. I am deeply concerned that after I have gotten as far as I have toward my goal, that the FTC will destroy my opportunity to continue the education I have paid for, and do the same for others in my circumstance.

I have sympathy for people who regret signing up and paying for the classes. The sales person that did my first half day "course" did emphasis the upside more than the downside. However, he made clear to me that one had to work hard in order to become a successful trader, and not everyone who took the course would succeed. It was also made clear that the courses were rather expensive. I knew and understood upfront it was on me to make the most of the course. And he advised that those of us not prepared to do so should probably not sign up. He said the course was not for everyone.

It greatly concerns me that in the FTC complaint, they seem to have this misguided notion that all the OTA instructors are salespeople. The initial half day class was taught by a salesperson type instructor. But that was it. The actual real training has been done from experienced traders not a salesperson. Their continued instruction is of great value to me, and I really hate the idea of losing it from some misguided crusade by the FTC to save me from becoming a student of OTA.

--Andrew Allaire

I have a different opinion. I attend the OTA and have listened to the same sales pitches as everyone else. I take the classes, attend the extended learning tacks, do the labs, read the manuals which are now all online and everything required to be successful at trading.

But the one thing that I don't think that most students do is sit down with student support or the education counselor and go over their trades and get feedback about their trading. These folks are real people and they are there to help you stay focused and on track. My trading has improved, and I am profitable. Not local to a center? you get everyone’s email including the instructors and I don’t have problem getting through to someone. It may not happen overnight, but I do get my questions answered. If I didn’t then I would be on my center’s owner about it and I will get my answers.

As far as instructors going cowboy and teaching their own philosophy of supply and demand core strategy, I have watched OTA evolve over the 5 years I have been in the OTA community and a lot of those instructors are gone. Teaching a strategy takes those who teach it to be on the same page and yes, for a while, it seemed like the message was being diluted with personal philosophy and it was annoying. The instructors have visibly changed their "personal curriculum" and are now focusing on the strategy that is core to OTA and that was brought about by students like myself who gave their feedback to their education counselor and even the owners themselves about the lack of focus on core strategy by some of the instructors. They listened and reacted for the positive.

OTA has changed quite a bit over these last 5 years and for the better. I'm not saying that everyone who has been to OTA has been successful any more than all the student who attend college go on to be successful either. But I can go back to retake my classes at OTA until I get it, live or more conveniently, online. I can’t go back to the University of Colorado and retake classes there if I wasn't able to make it as a lawyer or a doctor or what have you.

I'm not going to judge anyone who hasn't made it to success, YET, from the training at OTA , I would just say that if you are still a student, take another visit and start taking the classes you paid for as well as take advantage of all the training material that you receive from the school. What I have learned there is real and while I only trade part time, I am getting ready to retire this year from my job and I absolutely know that I can be profitable at trading. I was not profitable before the OTA.

Let’s have some perspective here, EVERY business and even college has a guy that has to sell you on the idea of anything under the sun in the business world. That is life. The reality. I admit that the cost is high at OTA and I was not always comfortable paying the $40K or so to take all of the assets but the money I paid to CU Boulder yielded nothing and I AM trading now and will be in the future from where ever I choose to live on the planet. I have a mindset that the education I received, whatever the cost, will be what sustains me when social security cannot. I won’t believe any other way because you must believe in what you are doing no matter what or you will fail at it.

People who haven’t been to the OTA can only throw stones at the window. Those who have still have options. I can only walk in my shoes and I don't pretend to walk in yours but if you paid for the OTA then walk back in and give it another try. I think you would be really surprised at the depth of what is given to students, now more than before, for them to be successful. If you aren't getting it, talk to student support or to the education counselor or even your center's owner. I can’t speak for other centers, but our center’s owner has an open-door policy and I just sat down with him to give my critique about a newly offered class and I know that my opinions are taken seriously and so will yours. Focus on YOUR education, your personal situation and not this broad notion that no one can succeed at the OTA because that is not true.

Some of you sound like your bitterness is holding you back from re-engaging. If I was pissed about my steak not being prepared right, I would keep sending it back until it is right. When I walk out of a class and I didn't get it, I retake that class until I get it right. I have taken some of my asset classes 3 and 4 times because trading is not easy. Learning risk management is not easy. We are creatures of habit. Trading takes a personal reformation of all the bad habits we have been programmed to do in our lives. That is not easy. If it was then everyone would be doing it, and no one would need to be trained how. If I can be trained to trade the markets, then anyone can be trained to trade. I am determined to get my money’s worth.

I will venture that not one of these FTC prosecutors have taken classes at OTA. I assure you it isn't the Donald Trump University situation that the FTC is making it out to be. If you paid the OTA, walk back in the door and do it again with the perspective that not only is trading for a living possible but that you will be one of those who can do it. If you have never been to the OTA then don’t rush to judgment until you have.

I have a different opinion. I attend the OTA and have listened to the same sales pitches as everyone else. I take the classes, attend the extended learning tacks, do the labs, read the manuals which are now all online and everything required to be successful at trading.

But the one thing that I don't think that most students do is sit down with student support or the education counselor and go over their trades and get feedback about their trading. These folks are real people and they are there to help you stay focused and on track. My trading has improved, and I am profitable. Not local to a center? you get everyone’s email including the instructors and I don’t have problem getting through to someone. It may not happen overnight, but I do get my questions answered. If I didn’t then I would be on my center’s owner about it and I will get my answers.

As far as instructors going cowboy and teaching their own philosophy of supply and demand core strategy, I have watched OTA evolve over the 5 years I have been in the OTA community and a lot of those instructors are gone. Teaching a strategy takes those who teach it to be on the same page and yes, for a while, it seemed like the message was being diluted with personal philosophy and it was annoying. The instructors have visibly changed their "personal curriculum" and are now focusing on the strategy that is core to OTA and that was brought about by students like myself who gave their feedback to their education counselor and even the owners themselves about the lack of focus on core strategy by some of the instructors. They listened and reacted for the positive.

OTA has changed quite a bit over these last 5 years and for the better. I'm not saying that everyone who has been to OTA has been successful any more than all the student who attend college go on to be successful either. But I can go back to retake my classes at OTA until I get it, live or more conveniently, online. I can’t go back to the University of Colorado and retake classes there if I wasn't able to make it as a lawyer or a doctor or what have you.

I'm not going to judge anyone who hasn't made it to success, YET, from the training at OTA , I would just say that if you are still a student, take another visit and start taking the classes you paid for as well as take advantage of all the training material that you receive from the school. What I have learned there is real and while I only trade part time, I am getting ready to retire this year from my job and I absolutely know that I can be profitable at trading. I was not profitable before the OTA.

Let’s have some perspective here, EVERY business and even college has a guy that has to sell you on the idea of anything under the sun in the business world. That is life. The reality. I admit that the cost is high at OTA and I was not always comfortable paying the $40K or so to take all of the assets but the money I paid to CU Boulder yielded nothing and I AM trading now and will be in the future from where ever I choose to live on the planet. I have a mindset that the education I received, whatever the cost, will be what sustains me when social security cannot. I won’t believe any other way because you must believe in what you are doing no matter what or you will fail at it.

People who haven’t been to the OTA can only throw stones at the window. Those who have still have options. I can only walk in my shoes and I don't pretend to walk in yours but if you paid for the OTA then walk back in and give it another try. I think you would be really surprised at the depth of what is given to students, now more than before, for them to be successful. If you aren't getting it, talk to student support or to the education counselor or even your center's owner. I can’t speak for other centers, but our center’s owner has an open-door policy and I just sat down with him to give my critique about a newly offered class and I know that my opinions are taken seriously and so will yours. Focus on YOUR education, your personal situation and not this broad notion that no one can succeed at the OTA because that is not true.

Some of you sound like your bitterness is holding you back from re-engaging. If I was pissed about my steak not being prepared right, I would keep sending it back until it is right. When I walk out of a class and I didn't get it, I retake that class until I get it right. I have taken some of my asset classes 3 and 4 times because trading is not easy. Learning risk management is not easy. We are creatures of habit. Trading takes a personal reformation of all the bad habits we have been programmed to do in our lives. That is not easy. If it was then everyone would be doing it, and no one would need to be trained how. If I can be trained to trade the markets, then anyone can be trained to trade. I am determined to get my money’s worth.

I will venture that not one of these FTC prosecutors have taken classes at OTA. I assure you it isn't the Donald Trump University situation that the FTC is making it out to be. If you paid the OTA, walk back in the door and do it again with the perspective that not only is trading for a living possible but that you will be one of those who can do it. If you have never been to the OTA then don’t rush to judgment until you have.

What a joke and a RIPOFF Scheme!
Please stay away from this place. High pressure sales (Think Time Share Condos). This place is a Franchise and they pay a fee to sell you their (patented? program). They will play on your emotions with their Christianity as well, and this is the most pathetic part. They are fleecing the sheep. Really sad and disgusting.

The courses are extremely expensive. It is a multiple sales scheme that lures you in with a little, as you spend anywher from $5000 up to $60,000 for their courses (Core Strategy, Forex, Futures, and Options, then Mastermind). They make you feel that you are missing out by not having the ultimate packages. It is a constant up sell program, every class you take they will have you meet with your personal salesman (they call them coaches, they coach you into spending more money). They will act like they are really concerned about your progress and then will try to sell you something else.

If the system really worked, why would they need salesmen? and why would a salesman have to work there once they learned the program? Think about that, working the weekends, and crazy hours with meeting with potential customers? They will get you to believe that they are there because they want to help people. Really?

They will show you this thing called Pro Picks, the pros pick the items and you can follow along the trade. Some are successful and some are not. Some change from the time they are put on. You only have access to this if you pay more for the Extended Learning Tracks for the assets. Nothing is free, not even the basic stock information. Their Pro Picks run about 50% success. You think that the program that you are paying for would be a lot more successful than 50%, not so great picks. Check out https://www.trade-ideas.com/ if you really want someone picking stocks for you.

Once you take the classes they recommend, they will want you to become a Mastermind Student, where you get access to all the real zones, and upcoming trades coming into supply and demand. As well as getting access to live webinars every other day or so, with instructors and other students. They will tell you that this is where you will learn the real stuff, and it only cost you another $22999 if you sign up today. Keep in mind you already spent $40000 or so. Then you can sign up for Instructor led 3 day intensive classes for $2999 and they do not use a book and they share all the secrets with you in these classes. Amazing how it never stops. Why did you pay all of the money to begin with, if they weren't going to teach you all the secrets?

You should try to take some of the lesser expensive classes on Udemy.com or Investopedia.com to see if you really understand trading and learn supply and demand, and retracement trading. This is what they teach.

You do learn about the assets but nothing more than you can get for free on the internet, through Investopedia.com

They have a charting software called Clik, not really impressive there are others out there that are extremely better.
Check out https://www.tradingview.com/ for charting, or your broker will offer theirs with funding of your account;
research for assets on https://finviz.com/
Another great program is https://www.trade-ideas.com/ this is a great service but will cost you some money.

Nothing in trading is a guarantee! Tread with caution as you can lose money before you even start.

After reading the complaints I won't make the same complaint. I've had the same problem with them. Except That I'm disabled I told them. I discussed with them that I'm on a lot of meds. And if this was gonna be a whole bunch of studying that I didn't think it would be right for me, but they reassured me not to worry. If you can follow directions you'll be fine. I thought for all this money it would be short cuts and that kind of stuff. He say's "If you give me $25,000.00 I can show you how to turn it into $500,000.00 would give it to me". I'm gonna sue their ass's and see what a judge thinks about their business practices.

I attended online trading academy dubai. The education counselor said I can take a loan from him. He will pay the academy and I can pay him the monthly with little interest. This guy must have made a fortune doing this. Where is the ethic in doing this.
Must be really hard core sell.
Sound to me like a scam.
Whatever it is, I don't want to be part of this load of crap.
EC name is Raja Sibi BEWARE!

Believe the horror stories, this appears to be a scam and you stand to lose thousands and thousands of your hard earned money. And they may treat you like garbage too.

On the other hand, don't believe the horror stories. If you want to risk throwing away tens of thousands of dollars and the possibility of being treated like garbage appeals to you, go for it.

From someone who has been there, done that, and truly regretted the day I fell for an over-marketed scam in the Seattle AM radio spectrum. All of the warning signs were there and they will tell you they are the 'pros', they are not lying.

I am fed up with being treated like garbage by OTA staff. The latest; they sent me a ticket to attend a special presentation "Aspire Tour" hosted at the Red Lion Inn in Bellevue Wa December 7, 2018. A few days later, I received a phone call from OTA, they wanted to know if I was planning to go to the event and whether I was going to enroll in their 'matermind class' (for the additional cost to me of about $ 47,000 US dollars).

I told them I am trying to remain open minded - BUT.... I have taking their core XLT on-line trading and tried to explain to the person on the phone, that the XLT training that OTA have been providing (at a cost to me of $17,000 US dollars) is providing absolutely horrible advice on trading the present market. From my recollection, few if any of the trades that they have developed during the XLT classes over the past 4 to 6 weeks have actually closed with a profit, far below their advertised risk to reward goals and far in excess of their expected losses.

The person on the phone then explained to me that I have been placed on the 'wait list' for the event that I was already sent a ticket to attend.

F.U. OTA, in my opinion, your business is a scam and offers overpriced bad advice, crap training, and has repeatedly treated me like garbage. It appears to be nothing more than an overpriced scam being heavily marketed in the Seattle market. I believe I have been taken advantage of and others should be aware of this apparently unscrupulous business.

I originally found out information about this trading school earlier this year. Afterwards I went to the half day workshop. I signed up for the three day orientation. Suddenly when my coach told me my classes would have to be financed, I knew that's not the direction I wanted to take. I requested a refund from the orientation. Another education coach at the school took me to his office and wanted to know my reasons why. I said them and then he reenforced the importance of joining. After he did that he denied my request. Plus he did not inform me about the school refund policy. I should have been informed about it and still received it back because I requested it.

I signed up for course and decided it was too much money and decided to cancel. However, to date, no one has contacted me about cancellation. I am being sent up a chain, told to expect a call from Director. So far, no call, no cancellation and no refund of my down payment.

Many of us from my group signed up with at least the 23,000 program. And to find out there are no live sit in classes available for forex classes even 4 months down the road. The first live on line course was 40 days into signing up program. I charged initially 25% and on 6 months payments plan. I want to get out. How????
Please help!!!!

The academy is a complete rip off and the education counsellors are sales sharks on commission and only interested in sellin gyou these expensive courses. No on makes money

Online Trading Academy is ripping people off. I want to learn how to trade, didn't know much about other Academy. I hear them on radio so I went to 3 days class and signed up for Forex class that costs me $22,000. I spent the money that I don't have to join OTA hoping that they will teach me how to trade so I can pay for tuitions fees but I lost $3,000 instead that I have to closed out my trading account. They told me that counsellor will helps me with my trading and I would make money within 3-6 months. Don't listen to what they have to said. Nothing but selling pressured to buy a whole Mastery class, and it costs large $, but it turned out to be a highly sophisticated scheme. When you need helps they're no where to be found. Please read all the complaint before you make a decision. don't make mistake like I did. My husband told me about the review but I didn't pay much of attention about it.

This company is nothing but high pressure sales. They are not interested in you or your success.
You go for a three hour free seminar, which is nothing but high pressure sales to sign up for the three day weekend seminar and you have to pay 300 dollars for it.
They tell you they will train you to become traders like the banks.
What i found funny is the presenter is an like 80 yrs old and why is he not trading. Maybe he is getting commission of the sales.
All the EC are sharks and put pressure on you to sign for courses.
Went to the three day seminar and the pressure starts. They call in coaching sessions but they pressure is on to buy.
On the board is all the sales people names and all the sales for the three day weekend.
The courses are very expensive starting from 27000 to 55000.
I would not recommend you attend this place

Please don't get suckered into this HIGH PRESSURE SALES PITCH ! I can't believe I fell for it and gave them $26,000.00. I have yet to make a penny. Actually I have lost a few thousand. It is nothing but a scam. Don't fall for it. All of the above stories are correct so no need for me to add my .02 cents.

Hi every body is it or not you decide. Hey it's your money well I've read a lot of complaints about this what I can say you decide.
Life is all about money success life is comfortable but not many say what if I don't make it lose lots of money I have not got (scam) well you go on the course and you decide But I want to say pay small for the course don't go for big course yet Till you are 100 percent
Sure it's for you.
Me I jump ship after 3 day becourse it was not about making money they don't show you the trades and you don't go on line they say you do it's a sale pitch I came to realaty that hay you don't need this you can do it on line and it's free and there is demo for you to practice on They say don't go on it it confuses you But does it you decide.Verry sad this company takes your money but don't teach you how to trade.We at to find out ourselves and sorry but comments above are true but that's me you decide.

Online trading academy is a scam
In fla the have a radio show about 6:00 AM
At 6:00 AM the person doing the show says
he only has six tickets left to attend a seminar
At the seminarf they use pressure to sell
you classes for hugh amounts of money
This is a mirror image of Trump University.
Keep far far far away from this scam.

I used to work at the school. Nobody there owners, employees and teachers actually trade for real. The real income is made from teaching students, Are you really surprised? Would people making 100s of thousands trading actually be working on weekends and evening spending so many hours away from their families? I've witnessed owners actually giving students money or extra classes to tell prospective students lies about their success.

Before I handed a $35,000 check I was treaded as a family member. My counselor would call me regularly to see how I was doing and presented great options and hopes to "work together" to make a moderate income (never used the get rich quick from other programs).

Literally the day I handed a check for the complete program, was the day my counselor forgot who I was. Suddenly I could not get time to sit with him, and was told twice to call the office and talk to someone else (never even suggested a person, just call).

I told my counselor during signing the contract that I felt like I was buying a used car, and he told me I was overthinking it. Guess what, 6 months later I realized I bought the biggest lemon of them all. It's been 3 months that I can't get my counselor on the phone, haven't made a penny with the lessons, especially because all the gaps that I had and was supposed to "work together" with my counselor are gone.

Sad lesson for me, but hopefully someone else will get a second chance to reconsider.

Online Trading Academy is ripping people off. I just want to take the XLT future class, but I was being pressured to buy a whole Mastery class, and it costs $26,000, but it turned out to be a highly sophisticated scheme. They have nothing to really teach us how to trade. They had a bunches of instructors who speak their personal opinions. They came up with the support and resistance which is too basic for investing. Markets don't work like that. Overall, the created a scheme that makes people think their system is good, but in reality they can't make money trading, so they make money out of us. It is really sad. These people have no hearts.

Went to the free seminar. I got there late to the smorgasbord and was beaten to the punch by the vultures. After filtering around and grabbing a seat in the back, I found out most all the people that were around me were students who were asking ME if I had ever made any money in the market...only because they blew their bankroll on the OTA courses with ZERO success. But hope springs eternal when you are down on your luck in Vegas.

When I asked if Sam Seiden would be teaching the classes for these high priced sessions management told me: "on occasion".

When I asked who WOULD be doing the honors when he wasn't there, they showed me a pic of some hot babe. Unimpressed because it was MY 11K they wanted, I told the salesperson that if that was the case then I wanted to see a ledger of all her trades over the last 5 years. I'd be happy to show you mine as a swing trader, so I didn't think he would object if I viewed HER results as a comparison, since they were going to improve my "hit ratio" with all these classes.

You should have seen his face! What a joke. Told him I'd be waiting for the ledgers and that he could e-mail them to my address in the morning! GUESS WHAT HAPPENED?

He never called back! Gee ... I wonder why?

OK... here is how it works: The people who are the "trainers" are the "failed students" they sucked in for the most amount of cash. Deadbeats. These people NEVER made any money trading, so they were hired by OTA to "teach" others. After all ...they took all the classes created by OTA and Sam Seiden. And in return they would get token "compensation" for their time. In other words...OTA not only screwed their students out of their hard earned money, they turned them into hopeless SLAVES working for "the system". What a SCAM. It's really quite novel. Gotta give 'em credit! It was almost humorous had they not attempted to play me for a sucker.

After all was said and done I decided to watch Sam's Free Webinar's and Posts... just for giggles. It's fascinating digging into this "stuff". The most interesting thing is what he NEVER does on a live Webinar. You'll NEVER see him take a live trade. He always moves on very quickly with the excuse that there are other markets to act upon. This way he is never wrong in front of you even though I have seen positive trades from his account WHEN he hits big. But what about when he doesn't? Forget about what he tells you. Sam employ's a different system for his personal account that is still not ready for prime time. I've been privy to a glimpse of it as have others. So what's the big secret?

The newbies never seem to notice or ask the pertinent questions. It's always: Pay no attention to that man behind the curtain.

How much is OTA paying him if he's making so much trading ? And why would an honest person like Sam even work for these guys? They're shysters of the First Magnitude.

I couldn't be bothered writing scores of weekly columns, traveling to do seminars and posting a series of webinars for FX Street et al. while running around the country training even more "teachers". Seems that's nothing but a real "job" instead of living the Life of Reilly.

You know... like every morning he could bang out a few trades in his PJ's before breakfast for a few easy thousand in an hour or so no problemo?

And then go off and screw around shopping for McLarens while taking an early lunch before he hits happy hour and pick up chicks.

Sounds like the life to me. So why isn't Sam or anyone else signed up living it???

OTA is not honest about its master mind program. It is a highly sophisticated scheme to take people's money. I just want to take XLT future, but OTA using high pressure sales tactics lured me in to spend a lot of money for master mind program, which I don't have any use for it. I spent a lot of money with OTA. Now looking back, it was my mistake, I was pumped up. How did I spend so much money (45,000) to make $500 per week or lose more than $500. It was dumb. I know OTA is laughing at us.

While attending a free introduction class, online trading academy states that they will assess your needs if you attend a workshop for 3 days at a cost of $300 They tell you that you will meet with a counselor to discuss a program for you. They email you a few questions that probe into your financial ability to pay, such as how much money do you have and where is your money held, IRA, Trust, banks, real estate etc. It seems innocent but when you finally meet with the counselor they ask more questions about you financially, and probe further, after you tell them your wants and dreams they ask the KEY Question. How will you pay and how much do you have in your account! They only want your money. My counselor Andrew did not care about the goal only the money.
Part 2: Setup
They get you into this $300 dollar class and throw ideas of dreams of retiring. quitting your job, not worrying about money and tell stories about Sam Seiden as if he will change your life, then they tell you how the stock market works. Day one is full of information and it seems all well and good. They will bring in a fairly attractive women named Hiedi to make you feel as id corporate is on your side only to use her as an informational prostitute to obtain more financial information from you!
Part 3: Day 2 about lunch they hit you with a sales pitch for the basic program for $14,000 Normally $21,000 they tell you
Basic and Forex for $21,000 Normally $42,000 Basic and Futures program $21,000 Normally $42,000 and the full Mastermind program for a Wopping $52,000 Normally $68,000 dollars.
Heidi will hand out sheets telling you this offer ONLY GOOD UNTIL SHE Departs with an attitude!

There is more but I wont waste your time telling you because its a scam. Please tell everyone.
Thanks

While attending a free introduction class, online trading academy states that they will assess your needs if you attend a workshop for 3 days at a cost of $300 They tell you that you will meet with a counselor to discuss a program for you. They email you a few questions that probe into your financial ability to pay, such as how much money do you have and where is your money held, IRA, Trust, banks, real estate etc. It seems innocent but when you finally meet with the counselor they ask more questions about you financially, and probe further, after you tell them your wants and dreams they ask the KEY Question. How will you pay and how much do you have in your account! They only want your money. My counselor Andrew did not care about the goal only the money.
Part 2: Setup
They get you into this $300 dollar class and throw ideas of dreams of retiring. quitting your job, not worrying about money and tell stories about Sam Seiden as if he will change your life, then they tell you how the stock market works. Day one is full of information and it seems all well and good. They will bring in a fairly attractive women named Hiedi to make you feel as id corporate is on your side only to use her as an informational prostitute to obtain more financial information from you!
Part 3: Day 2 about lunch they hit you with a sales pitch for the basic program for $14,000 Normally $21,000 they tell you
Basic and Forex for $21,000 Normally $42,000 Basic and Futures program $21,000 Normally $42,000 and the full Mastermind program for a Wopping $52,000 Normally $68,000 dollars.
Heidi will hand out sheets telling you this offer ONLY GOOD UNTIL SHE Departs with an attitude!

There is more but I wont waste your time telling you because its a scam. Please tell everyone.
Thanks

They sure build the hype and excitement at the online trading academy but fail to deliver with the service or education. For the amount of money you pay here you're better off moving on. Very unimpressed with the education and wish now that I didn't buy into the hype they created. Hope this helps someone else before they get locked into a contract.