Meaning Of An Agreement In Contract Law
Contract laws are laws pertaining to an agreement between two or more parties that mandates each party to do or not do. This also includes the right to fulfilling the other's duty, or a solution for the breach of the other's duty.
An agreement, in a broad sense, is something that would extend beyond the legalities of a contract, which is binding and final. The measures taken during the writing of a contract are important because they include the obligations, duties and rights that are agreed upon, and are extended beyond the understanding. These are matters which are not included but can rise to the level of a legally binding contract.
For example, an agreement could be interpreted to mean a meeting of terms on a level of understanding that is simply not there in the written form. Sometimes, owing to secrecy and so on, people have contracts, but they also have the agreements, which can look into the issues which have been defining the terms of the contract so far.
The Contract Law is specifically dependent on the Uniform Commercial Code, and hence, it is just a mean of regulating agreements, and is not the final document.
The difference that is observed between an agreement and a contract is that a contract is a binding legal document, whereas an agreement extends the boundaries of a contract, and is expected to be honored under all circumstances because it can sometimes include things that are beyond the contract like verbal agreements.
More Articles :