Business, Legal & Accounting Glossary
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.
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 not always synonymous with a contract because it might lack an essential element of a contract, such as consideration.
To enter an agreement; the UK and US negotiators nearing agreement; he nodded his agreement.
The results of my experiment are in agreement with those of Michelson and with the law of General Relativity.
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This glossary post was last updated: 8th October, 2021 | 3 Views.