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 act of two or more persons, who unite in expressing a mutual and common purpose, with the view of altering their rights and obligations. A coming together of parties in opinion or determination; the union of two or more minds in a thing done or to be done; a mutual assent to do a thing. Com. Dig. “Agreement,” A 1. The consent of two or more persons concurring, the one in parting with, the other in receiving, some property, right or benefit Bac. Abr. A promise, or undertaking. This is a loose and incorrect sense of the word. Wain v. Warlters, 5 East, 11. The writing or instrument which is evidence of an agreement. Classification. Agreements are of the following several descriptions, viz.: Conditional agreements, the operation and effect of which depend upon the existence of a supposed state of facts, or the performance of a condition, or the happening of a contingency. Executed agreements, which have reference to past events, or which are at once closed and where nothing further remains to be done by the parties. Executory agreements are such 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. Implied agreement. One inferred from the acts or conduct of the parties, instead of being expressed by them in written or spoken words; 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. Bixby v. Mqor, 51 N. H. 403; Cuneo v. De Cuneo, 24 Tex. Civ. App. 436, 59 S. W. 284. Parol agreements. 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. Wharton. Synonyms distinguished. The term “agreement” is often used as synonymous with “contract” Properly speaking, however, it is a wider term than “contract” (Anson, Cont 4.) An agreement might not be a contract, because not fulfilling some requirement of the law of the place in which it is made. So, where a contract embodies a series of mutual stipulations or constituent clauses, each of these clauses might be denominated an “agreement.” “Agreement” is seldom applied to specialties; “contract” is generally confined to simple contracts; and “promise” refers to the engagement of a party without reference to the reasons or considerations for it, or the duties of other parties. Pars. Cont. 6. “Agreement” is more comprehensive than “promise;” signifies a mutual contract, on consideration, between two or more parties. A statute (of frauds) which requires the agreement to be in writing includes the consideration. Wain v. Warlters, 5 East, 10. “Agreement” is not synonymous with “promise” or “undertaking,” but, in its more proper and correct sense, signifies a mutual contract, on consideration, between two or more parties, and implies a consideration. Andrews v. Pontue, 24 Wend. (N. Y.) 285.
Law Dictionary – Alternative Legal Definition
contract. The consent of two or more persons concurring, respecting the transmission of some property, right or benefit, with a view of contracting an obligation. 2. 1. To render an agreement complete six things must concur; there must be, 1, a person able to contract; 2, a person able to be contracted with; 3, a thing to be contracted for; 4, a lawful consideration, or quid pro quo; 5, words to express the agreement; 6, the assent of the contracting parties. 3. 2. As to their form, agreements are of two kinds; 1, by parol, or, in writing, as contradistinguished from specialties; 2, by specialty, or under seal. In relation to their performance, agreements are executed or executory. An agreement is said to be executed when two or more persons make over their respective rights in a thing to one another, and thereby change the property therein, either presently and at once, or at a future time, upon some event that shall give it full effect, without either party trusting to the other; as where things are bought, paid for and delivered. Executory agreements, in the ordinary acceptation of the term, are such contracts as rest on articles, memorandums, parol promises, or undertakings, and the like, to be performed in future, or which are entered into preparatory to more solemn and formal alienations of property. Powel on Cont. Agreements are also conditional and unconditional. They are conditional when some condition must be fulfilled before they can have full effect; they are unconditional when there is no condition attached; 4. 3. Agreements are annulled or rendered of no effect, first, by the acts of the parties, as, by payment; release accord and satisfaction; rescission, which is express or implied; defeasance; by novation: secondly, by the acts of the law, as, confusion; merger; lapse of time; death, as when a man who has bound himself to teach an apprentice, dies; extinction of the thing which is the subject of the contract, as, when the agreement is to deliver a certain horse and before the time of delivery he dies. See Discharge of a Contract. 5. The writing or instrument containing an agreement is also called an agreement, and sometimes articles of agreement.