Agreed price refers to the mutually agreed upon amount of money that two or more individuals have determined as fair for a specific item or service. It represents the amount that both parties have agreed to pay or receive. For instance, if you and your friend agree to a price of $5 for a toy, then $5 would be considered the agreed price.
The agreed price is the mutually agreed upon price between a buyer and seller for a specific product or service. For instance, when purchasing a car from a dealership, the agreed price is the negotiated amount documented in the sales contract. Similarly, when hiring a contractor for home renovations, the agreed price is the amount both parties have agreed upon for the work. These examples highlight that the agreed price represents the final price agreed upon by both parties involved in a transaction. Having the agreed price in writing is crucial to prevent any future misunderstandings or disputes.
An agreed price refers to the mutually accepted amount of money that parties have agreed upon for a particular transaction or contract.
In general, the agreed price cannot be changed after the contract is signed unless both parties agree to modify the terms of the agreement.
If one party fails to pay the agreed price, the other party may have legal remedies available, such as filing a lawsuit to recover the unpaid amount or seeking specific performance of the contract.
Yes, the agreed price can be negotiated between the parties involved in the transaction or contract. Negotiations may involve factors such as market conditions, supply and demand, or the specific circumstances of the transaction.
Yes, once both parties have agreed upon a price and have entered into a legally binding contract, the agreed price becomes enforceable by law.
Yes, in some cases, parties may agree to have a third party, such as an appraiser or an arbitrator, determine the agreed price if they are unable to reach a consensus.
Yes, parties can agree to a payment plan where the agreed price is paid in installments over a specified period of time. This arrangement should be clearly outlined in the contract.
Yes, external factors such as inflation, changes in market conditions, or unforeseen events may impact the agreed price. Parties may include clauses in the contract to address such contingencies.
Yes, the agreed price can be different from the listed price, especially in negotiations where parties may offer counteroffers or discounts.
In certain circumstances, the agreed price can be challenged in court if there is evidence of fraud, duress, mistake, or other factors that invalidate the formation of the contract. However, such challenges are generally rare and require strong legal grounds.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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