There were a number of important points in the Contract With America that the Republicans used to help them win control of the House of Representatives in 1994. Basically, the Contract was meant to reform Congress and make it more democratic and transparent and to implement a number of conservative policies.
The main reforms of Congress were to be passed on the first day of the Republican majority. The Republicans promised to make all laws apply to Congress just as they applied to everyone else. They promised to put term limits on the chairmen of the Congressional committees. They promised to conduct a complete audit of everything Congress did. These reforms and others were meant to restore faith that the Congress was acting honestly and democratically instead of being an “old-boys club” that conducted business in secret.
After that, the Republicans promised to implement a number of conservative policies. They promised to toughen regulations for welfare recipients. They promised to crack down on crime. They promised to cut government spending through such things as a balanced budget amendment. All of these were things that conservatives wanted done.
Thus, the basic idea of the Contract was that it promised to reform Congress and to implement specific conservative policies. Follow this link for the text of the Contract.