A meeting of the minds. An agreement is made when two people reach an understanding of a particular issue, including their obligations, duties and rights. While an agreement is sometimes used to mean contract — a legally binding oral or written agreement — it is actually a broader term, including understandings that might not rise to the level of a legally binding contract.
Agreement (noun): 1. A mutual understanding or consensus reached between two or more parties, typically through negotiation or discussion, regarding a specific matter or course of action. Example: The two countries signed an agreement to promote trade and cooperation. 2. A formal contract or legal document that outlines the terms and conditions agreed upon by all parties involved. Example: The rental agreement clearly stated the responsibilities of both the landlord and the tenant. 3. Harmony or compatibility between ideas, opinions, or beliefs. Example: There was an agreement among the team members on the best approach to solving the problem. 4. A state of being in accordance or conforming to something. Example: The company’s policies are in agreement with industry standards. 5. Linguistics: The correspondence between the subject and the verb in a sentence, in terms of number, person, and tense. Example: In the sentence “She sings beautifully,” there is agreement between the singular subject “she” and the singular verb “sings.”
- An understanding between entities to follow a specific course of conduct.
- A state whereby several parties share a view or opinion; the state of not contradicting one another.
- A legally binding contract is enforceable in a court of law.
- There are rules that exist in many languages that force some parts of a sentence to be used or inflected differently depending on certain attributes of other parts.
- An agreeable quality.
1) n. any meeting of the minds, even without legal obligation. 2) in law, another name for a contract including all the elements of a legal contract: offer, acceptance, and consideration (payment or performance), based on specific terms.
A meeting of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations, which the parties intend to exchange; a mutual assent to do or refrain from doing something; a contract.
The writing or document that records the meeting of the minds of the parties. An oral compact between two parties who join together for a common purpose, intending to change their rights and duties.
An agreement is a legally binding contract between two or more parties that outlines the terms and conditions of their relationship or transaction. It is formed when there is an offer made by one party, an acceptance of that offer by another party, and consideration exchanged between the parties. The agreement can be oral or written, although written agreements are generally preferred as they provide clearer evidence of the parties’ intentions. The terms of the agreement may include the rights and obligations of each party, the payment terms, the duration of the agreement, and any other relevant provisions. If any party fails to fulfil their obligations under the agreement, the other party may seek legal remedies, such as damages or specific performance, to enforce the terms of the agreement.
An agreement is not always synonymous with a contract because it might lack an essential element of a contract, such as consideration.
Q: What is an agreement? A: An agreement is a mutual understanding or arrangement between two or more parties, usually in the form of a contract or a verbal agreement. Q: Why is an agreement important? A: An agreement is important as it outlines the rights, responsibilities, and obligations of all parties involved. It helps to avoid misunderstandings, disputes, and provides a legal framework for the relationship. Q: What should be included in an agreement? A: An agreement should include the names and contact information of all parties involved, the purpose of the agreement, the terms and conditions, payment details, duration, termination clauses, and any other relevant information specific to the agreement. Q: Can an agreement be verbal? A: Yes, an agreement can be verbal, but it is always recommended to have a written agreement to avoid any confusion or disputes in the future. Written agreements provide a clear record of the terms and conditions agreed upon by all parties. Q: Can an agreement be modified or amended? A: Yes, an agreement can be modified or amended if all parties involved agree to the changes. It is important to document any modifications or amendments in writing and have all parties sign the updated agreement. Q: What happens if one party breaches the agreement? A: If one party breaches the agreement, the other party may have legal remedies available, such as seeking damages or specific performance. It is advisable to consult with a lawyer to understand the options and actions to be taken in case of a breach. Q: Can an agreement be terminated before the agreed-upon duration? A: Yes, an agreement can be terminated before the agreed-upon duration if both parties mutually agree to terminate it or if there are specific termination clauses mentioned in the agreement. It is important to follow the termination procedures outlined in the agreement to avoid any legal consequences. Q: Is it necessary to have a lawyer review an agreement? A: While it is not always necessary to have a lawyer review an agreement, it is highly recommended, especially for complex or high-stakes agreements. A lawyer can ensure that the agreement is legally sound, protects your interests, and helps you understand any potential risks or liabilities. Q: Can an agreement be enforced if it is not in writing? A: In some cases, verbal agreements can be enforceable, but it can be challenging to prove the terms and conditions without written documentation. It is always advisable to have a written agreement to ensure clarity and enforceability.
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This glossary post was last updated: 11th April, 2024.
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