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Simple English definitions for legal terms
articles of agreement
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A quick definition of articles of agreement:
Articles of agreement are a written document that records the things that people agreed on when they started a business together or transferred property. It's different from a contract because it usually only lists the things that were agreed on, without any promises to do anything specific. For example, it might say that the parties agree that it's not possible to deliver something within ten days. Articles of agreement can be short or long, and they're often used to add more details to a contract.
A more thorough explanation:
Definition: Articles of agreement refer to a written document that records the agreements made between parties when forming a partnership, business, or transferring real property. Unlike a contract, articles of agreement usually contain only agreements and not express promises of performance. For example, "the parties agree that it is not possible to guarantee delivery within ten days." Articles of agreement often supplement a contract and can be either informal or detailed.
Example: When two people decide to start a business together, they may create articles of agreement that outline their roles and responsibilities, how profits and losses will be shared, and how decisions will be made. These articles of agreement will serve as a guide for the partners and help prevent misunderstandings or disputes in the future.
Explanation: This example illustrates how articles of agreement can be used to record the agreements made between parties when forming a partnership or business. The articles of agreement will outline the terms of the partnership, including each partner's responsibilities and how profits and losses will be shared. This helps ensure that both parties are on the same page and can prevent disagreements or misunderstandings in the future.