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agreement legal definition

noun

A mutual understanding between two or more legally competent individuals or entities about their rights and duties regarding their past or future performances and consideration. While an agreement usually leads to a contract, it could also be an executed sale, a gift or other transfer of property, or a promise without a legal obligation.
The understanding between two or more legally competent individuals or entities about the rights and duties regarding their past or future performances and consideration as manifested by their language (oral or written) or by implication from other circumstances such as the usage of trade and the course of performance. See also contract.

agreement to agree

A mutual understanding between two or more legally competent individuals or entities that they will later enter into a contract even though the contractÂ’s exact terms have not yet been decided; non-binding.

binding agreement

An enforceable agreement or contract.

collective bargaining agreement

A contract between an employer and a union or other representative, voluntarily selected by a majority of the employerÂ’s workers within a bargaining group, concerning the wages, hours, and other conditions of employment for that group.

divorce agreement

An agreement between spouses made during a divorce concerning child custody, child and spousal support, property distribution, and other matters. Such agreements are usually incorporated into the partiesÂ’ divorce decree. See separation agreement.

gentlemenÂ’s agreement

An agreement not intended by the parties to be legally enforceable, but that is expected to be performed or followed as a matter of friendship or honor. May or may not involve illegal subject matter such as gambling bets.

postnuptial agreement

An agreement between spouses made during their marriage to determine the right to support and each otherÂ’s property in case of death or divorce. Such agreements are not enforceable unless each party makes a full disclosure to the other of their assets and has consulted with their own attorneys. Even then, most such agreements are not enforceable unless made by spouses who are in the midst of a separation or divorce.

prenuptial agreement

An agreement between spouses made before their marriage to determine the right to support and each otherÂ’s property in case of death or divorce. Generally, such agreements are enforceable, especially if both parties make a full disclosure of individual assets and have consulted with their own attorneys. See also postnuptial agreement and separation agreement.

property settlement agreement

See separation agreement.

separation agreement

An agreement between spouses made during a divorce or while obtaining a legal separation concerning child custody, child and spousal support, property distribution, and other matters. Such agreements are usually incorporated into the partiesÂ’ divorce decree or into a judicial decree granting a separation to the parties. Frequently referred to as property settlement agreement (PSA).

simple agreement

An agreement for which nothing is legally required to make it enforceable other then some evidence that the agreement was made and the parties consent to it.