A brief definition of agreement
Agreement refers to a mutual understanding or a shared commitment between two or more parties. In the legal context, an agreement is a binding contract that outlines the terms and conditions of a deal, transaction, or relationship.
Agreements can take many forms, from a simple handshake to a complex written contract. However, regardless of the form, all agreements must meet certain criteria to be enforceable. These criteria include:
1. Mutual assent: Both parties must agree to the terms and conditions of the agreement.
2. Consideration: There must be some form of exchange, whether it be goods, services, or money.
3. Legality: The agreement must not be contrary to law or public policy.
4. Capacity: Both parties must be legally capable of entering into an agreement.
Agreements can be verbal or written, but it is always advisable to have a written agreement to avoid any misunderstandings or disputes that may arise in the future. In addition, a written agreement provides clear evidence of the terms and conditions agreed upon by both parties.
In conclusion, an agreement is a mutual understanding or commitment between two or more parties that outlines the terms and conditions of a deal, transaction, or relationship. To be enforceable, an agreement must meet certain criteria, such as mutual assent, consideration, legality, and capacity. While verbal agreements are sometimes sufficient, it is always advisable to have a written agreement to avoid any misunderstandings or disputes down the line.