“Meeting of the minds” is a legal principle referring to the mutual agreement or understanding reached between parties in a contract. It signifies that all parties involved in the contract have a shared understanding of the essential terms and intentions of the agreement. For a contract to be valid, there must be a meeting of the minds between the parties, indicating their consent to be bound by the terms of the contract. This principle ensures that contracts are entered into voluntarily and that there is clarity and consensus regarding the obligations and rights of each party. If a meeting of the minds is lacking, the contract may be deemed void or unenforceable.
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This glossary post was last updated: 29th March 2024.
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