The Legal Information Institute of Cornell University defines an agreement as a manifestation of mutual assent by two or more persons to one another. It is a meeting of the minds with a common intention, and it is achieved through offer and acceptance.
Commonly associated with contracts, agreements generally have a broader definition. In business, a negotiated agreement often results in a contract, which requires additional elements, such as an offer, consideration, capacity, and legality.
People negotiate every day. Toddlers negotiate how many peas to eat, what time to go to bed, and pledge to be “really good” if their parents buy them the toy they are desperate to have. To some extent, we grow up negotiating agreements. Honing those negotiation skills as adults and knowing when to use them can yield great outcomes when applied to business.
If you have an agreement to negotiate and are unsure if you or your team have the expertise to negotiate a legal and favorable agreement, consider working with an attorney or law firm that specializes in business negotiations.
FREQUENTLY ASKED QUESTIONS ABOUT BUSINESS LAW:
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- Is A Negotiation Necessary?
- Who Should Be Involved When Negotiating An Agreement?
- When Is A Negotiation Agreement Not Necessary?
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- What Is A C-Corporation?
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