What is an agreement in law?

What Is An Agreement? An agreement, in legal terms, is a mutual understanding between two or more parties regarding their respective rights and responsibilities. It may involves the exchange of goods, services, or promises and can be formal or informal, written or oral.

What is a contract agreement?

An oral compact between two parties who join together for a common purpose intending to change their rights and duties. An agreement is not always synonymous with a contract because it might lack an essential element of a contract, such as consideration. West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc.

What is a mutual agreement?

An agreement is a manifestation of mutual assent by two or more persons to one another. It is a meeting of the minds in a common intention, and is made through offer and acceptance. An agreement can be shown from words, conduct, and in some cases, even silence.