Legal Agreements Definition
Most business transactions require some form of legal agreement. A legal agreement is a contract between two parties that creates an obligation to do, or not do, something. The agreement can be written, oral, or implied by the actions of the parties.
A written agreement is the most formal and binding type of agreement. It is usually signed by both parties and can be enforced in court if necessary. An oral agreement is less formal than a written agreement and can be more difficult to prove in court if there is a dispute. An implied agreement is created when the actions of the parties show that they have reached an understanding, even though they have not expressly agreed to anything in writing or orally.
There are many different types of legal agreements, including contracts, leases, wills, and marriage agreements. Each type of agreement has its own specific requirements and terms that must be met in order for it to be legally binding.
