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Agreement Definition: Understanding the Basics

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Published by:

Keisha Johnson

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Reviewed by:

Alistair Vigier

Last Modified: 2024-07-23

Are you looking for an agreement definition? It’s a written document describing how you and your spouse have agreed to handle parenting, support, and/or property. Family law can include marriage agreements or separation agreements. There are other agreements as well.

Agreement Definition

An agreement is a legally binding understanding between two or more parties. It is a promise or a set of promises enforceable by law. Agreements can be written, oral, or implied by conduct. They can be formal or informal and between individuals, businesses, or organizations. An agreement typically includes the following elements…

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Offer: One party makes an offer to do something

Acceptance: The other party agrees to the offer

Consideration: Something of value, such as money or goods, is exchanged between the parties

Mutual consent: Both parties agree to the terms of the agreement
Agreements can be divided into two types:

Express agreements: Agreements where the terms are explicitly stated and agreed upon by both parties

Implied agreements: Agreements where the terms are not explicitly stated but can be inferred from the parties’ conduct

Examples of agreements

Contracts: agreements to buy or sell goods or services

Leases: agreements to rent a property

Employment agreements: agreements between an employer and an employee

Partnership agreements: agreements between partners in a business venture.

It’s important to note that agreements have to be legally binding and enforceable, meaning there is a legal remedy if one of the parties fails to fulfill its obligations.

What is a set of promises?

A set of promises is a group of statements or undertakings made by one or more parties in an agreement. These promises can be expressed or implied, and they create an obligation or a commitment on the part of the party making the promise to fulfill it.

Promises can relate to a wide range of things, such as the delivery of goods or services, payment, the performance of specific actions or inactions, or compliance with certain conditions. They can be made in writing or orally and form a central part of the agreement. Depending on the type of agreement, the promises can be specific and concrete or more general and abstract.

In a contract for the sale of a car, one of the promises would be that the seller would transfer ownership of the car to the buyer. Another promise would be that the buyer would pay the agreed-upon price for the car. In an employment agreement, one of the promises is that the employee will perform their duties as outlined in the agreement and that the employer will pay the employee a certain salary.

It’s important to note that promises are legally binding and enforceable. If one party fails to fulfill its promises, the other party can seek legal remedies to enforce the agreement.

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