Agreement Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Agreement, written in plain English, along with examples of how it is used.
What is Agreement?
n. a court which has legal power and superiority over a lower court to which appeallant can make appeals to and the court can pass judgements nullifying judgements passed by lower court or even reversing the rulings in case it finds application of wrong legal standards.
History and Meaning of Agreement
An agreement is a meeting of two or more parties' minds in regards to a particular subject matter. It is a legal term used to refer to the process of coming to a mutual understanding between two or more parties for the purpose of forming a contract. An agreement is the basic element that forms a contract, which is enforceable by law. It can be written, oral, or implied by law.
Agreements have been used since ancient times as a means of establishing binding commitments between individuals or groups. In modern times, agreements are often used in commercial transactions as a means of defining the terms and conditions of the sale or transfer of goods and services.
Examples of Agreement
- A landlord and a tenant signing a lease agreement that outlines the terms and conditions of the rental agreement.
- Two parties signing a purchase agreement for the sale of a home or property.
- A business owner and a supplier entering into an agreement for the purchase of goods or services.
- A couple signing a prenuptial agreement before getting married to establish the terms of property division and other issues in the event of a divorce.
- A group of artists and a record label entering into an agreement to produce and distribute an album.
Legal Terms Similar to Agreement
- Contract - A legally binding agreement between two or more parties that creates an obligation to do or not do certain things.
- Memorandum of Understanding (MOU) - A non-binding agreement that outlines the terms and details of a proposed agreement or transaction.
- Covenant - A legally binding promise or agreement between parties, which may be included in a contract or exist separately.