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Agreement

contract parties minds meeting

A meeting of minds with the understanding and acceptance of reciprocal legal rights and duties as to particular actions or obligations, which the parties intend to exchange; a mutual assent to do or refrain from doing something; a contract.

The writing or document that records the meeting of the minds of the parties. 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.

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