Business, Legal & Accounting Glossary
“Meeting of minds”. For a contract to be useful the parties must be in agreement about its provisions. In the event of a possible breach of contract, the party alleged to be in breach may wish to claim that the contract did not exist at all, as there was no certainty about the subject of the contract. However, many contracts are not very precise, to allow flexibility in business dealings, and a court may have to examine other dealings between the contracting parties to determine what their true intentions were.
It is not desirable, on the whole, to insist that all contracts are perfectly precise; this would make it difficult to do business. However, as a general rule, if a contract leaves something to be determined in the future, the determination itself must not require the agreement of the parties.
Here are some examples.
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This glossary post was last updated: 5th April, 2020 | 24 Views.