what is agreement

what is agreement

4 hours ago 2
Nature

An agreement is a mutual understanding or accord between two or more parties regarding their responsibilities and obligations, often arrived at through an offer and acceptance

. While the terms agreement and contract are often used interchangeably, an agreement is not always legally binding unless it contains elements that make it so

. Different types of agreements include:

  • General agreements Agreements involve a "meeting of the minds" and common intentions, often serving as precursors to legally enforceable contracts
  • Contractual agreements An agreement becomes a contract when it fulfills specific requirements such as an offer, acceptance, awareness, consideration, capacity, and legality, making it legally enforceable
  • Informal agreements Agreements can be informal and may lack legal enforceability, differing from contracts that require elements like consideration and legality to be valid
  • Agreements in criminal law In criminal law, an agreement can refer to conspiring to commit an unlawful act, inferred from the case's facts and circumstances
  • Linguistic agreements In linguistics, agreement or concord happens when a word changes form based on the words to which it relates, such as subject-verb agreement
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