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Simple English definitions for legal terms
agreement to sell
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A quick definition of agreement to sell:
An agreement is when two or more people agree on something they will do or not do. It can be about things that happened in the past or things they will do in the future. Sometimes an agreement is called a contract, but not all agreements are contracts. A contract is a special kind of agreement that creates a legal obligation. There are many different kinds of agreements, like agreements to sell something, agreements about marriage or divorce, or agreements between countries. Some agreements are enforceable by law, which means that if someone breaks the agreement, they can get in trouble.A more thorough explanation:
An agreement to sell is a mutual understanding between two or more people about their rights and duties regarding past or future performances. It is a manifestation of mutual assent by two or more persons. The parties' actual bargain is found in their language or by implication from other circumstances, including course of dealing, usage of trade, and course of performance.
For example, if John agrees to sell his car to Jane for $10,000, and Jane agrees to buy the car for that price, they have entered into an agreement to sell. This agreement is not a contract until the terms are finalized and the sale is completed.
Another example is a property settlement agreement in a divorce case. The agreement outlines the terms of the division of property and assets between the spouses. Once both parties agree to the terms, it becomes a binding agreement.
In summary, an agreement to sell is a preliminary agreement that outlines the terms of a sale. It is not a contract until the terms are finalized and the sale is completed.