agreement

A meeting of two or more minds; a coming together in opinion or determination; the coming together in accord of two minds on a given proposition.

In law, a concord of understanding and intention between two or more parties with respect to the effect upon their relative rights and duties, of certain past or future facts or performances. The consent of two or more persons concurring respecting the transmission of some property, right, or benefits, with the view of contracting an obligation, a mutual obligation. A manifestation of mutual assent on the part of two or more persons as to the substance of a contract. Restatement, Second, Contracts, No. 3.

The act of two or more persons, who unite in expressing a mutual and common purpose, with the view of altering their rights and obligations. The union of two or more minds in a thing done or to be done; a mutual assent to do a thing. A compact between parties who are thereby subjected to the obligation or to whom the contemplated right is thereby secured.

Although often used as synonymous with "contract", agreement is a broader term; e.g. an agreement might lack an essential element of a contract. The bargain of the parties in fact as found in their language or by implication from other circumstances including course of dealing or usage of trade or course of performance. U.C.C. No. l-201(c); Uniform Consumer Credit Code, No. 1.301(3).

The writing or instrument which is evidence of an agreement.

See also binding agreement

- compact

- consent

- contract

- covenant

- international agreements

- meeting of minds.

Classification

Conditional agreements. The operation and effect of such depend upon the existence of a supposed state of facts, or the performance of a condition, or the happening of a contingency.

Executed agreements. Such have reference to past events, or which are at once closed and where nothing further remains to be done by the parties.

Executory agreements. Such agreements as are to be performed in the future. They are commonly preliminary to other more formal or important contracts or deeds, and are usually evidenced by memoranda, parol promises, etc.

Express agreements. Those in which the terms and stipulations are specifically declared and avowed by the parties at the time of making the agreement.

Implied agreement.

(1) Implied in fact. One inferred from the acts or conduct of the parties, instead of being expressed by them in written or spoken words.

(2) Implied in law; more aptly termed a constructive or quasi contract. One where, by fiction of law, a promise is imputed to perform a legal duty, as to repay money obtained by fraud or duress. Baltimore Mail S. S. Co. v. U. S., C.C.A.Md., 76 F.2d 582, 585.

One inferred by the law where the conduct of the parties with reference to the subject-matter is such as to induce the belief that they intended to do that which their acts indicate they have done. Baltimore & O. R. Co. v. U. S., 261 U.S. 592, 43 S.Ct. 425, 67 L.Ed. 816.

Parol agreements. At common law, such as are either by word of mouth or are committed to writing, but are not under seal. The common law draws only one great line, between things under seal and not under seal