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Simple English definitions for legal terms
consensus ad idem
Read a random definition: International Centre for the Settlement of Investment Disputes
A quick definition of consensus ad idem:
Consensus ad idem: This is a Latin term that means when two or more people agree on the same thing. It's like when you and your friend both want to play the same game, you have a consensus ad idem. This is important when making contracts because everyone needs to agree on the same terms for the contract to be valid.
A more thorough explanation:
Consensus ad idem is a Latin term that means an agreement of parties to the same thing or a meeting of minds. It is also known as consensus in idem, consensus in idem, placitum et conventio.
For example, when two people agree to buy and sell a car for a certain price, they have reached a consensus ad idem. Both parties have the same understanding of the terms of the agreement, and they have agreed to the same thing.
Another example is when two companies agree to enter into a partnership. They must have a consensus ad idem on the terms of the partnership, such as the percentage of ownership, the responsibilities of each party, and the duration of the partnership.
Consensus ad idem is important in contract law because it is the basis of contractual obligation. If there is no consensus ad idem, there is no contract.