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how are contract,opportunity,account related? can anyone explain in brief?

NagendraNagendra (Salesforce Developers) 
Hi Ajay,

I hope to make it clear its account contact and opportunity, not account contract and opportunity.

Please find the explanation below for the relation between account contact and opportunity.

Account and contact behave as master-detail in business logics but on UI it is a lookup relationship. Let me explain you a bit more.
You can create a contact without filling account i.e it shows that there is a lookup relationship between account and contact.
If you have created a contact with account and you delete that account then contact will be deleted, this shows that it is in Master-Detail relationship. This is standard behavior.
So we can say it in both ways, but it documentation it is a lookup relationship.
For more reference, you can visit: http://success.salesforce.com/ideaView?c=09a30000000D9y3&id=08730000000JL3KAAW
I hope it is clear now :)

Please mark my solution as best answer if it helps you.

Best Regards

Hi nagendra,
Thanks for the answer,i have another doubt actually there is another tab called contracts in the developer org,how are account,contact,opportunity related to that contract and suppose if i have any updates or changes to be made into account or contact or opportunity how does it effect the contract? could you explain me in brief about that i am having a little bit of confusion.