shaquilleoatmeal
10:40
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
valid agreement
Read a random definition: fidem facere judici
A quick definition of valid agreement:
A valid agreement is when two or more people make a promise to do something and that promise can be enforced by law. It can be written down in a document, but the important thing is the promise itself. Sometimes people use the word "contract" to refer to the document, but really it's the promise that matters.
A more thorough explanation:
A valid agreement is a legally binding contract between two or more parties. It creates obligations that can be enforced by law. A contract can be in writing or verbal, but it must meet certain requirements to be considered valid.
For example, if you agree to sell your car to someone for a certain price, and they agree to buy it, that is a valid agreement. Both parties have made promises and are obligated to fulfill them. If one party fails to fulfill their promise, the other party can take legal action to enforce the contract.
However, not all agreements are valid contracts. For instance, if you promise to give your friend $100 as a gift, that is not a valid contract because there is no consideration or exchange of value. If you later change your mind and decide not to give your friend the money, they cannot take legal action to enforce the agreement.
In summary, a valid agreement is a legally binding contract that creates obligations between parties. It must meet certain requirements to be considered valid, such as having consideration and mutual assent.