agreement

  

Definition

A negotiated and usually legally enforceable understanding between two or more legally competent parties.

Although a binding contract can (and often does) result from an agreement, an agreement typically documents the give-and-take of a negotiated settlement and a contract specifies the minimum acceptable standard of performance.


Use agreement in a sentence

  • The team and the player came to an agreement and that made everyone happy because they all got what they wanted out of the deal.

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  • You must sign an agreement when you enter into a deal and not break it or your reputation will be damaged.

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  • When David and Jason were starting the company, they first came to an agreement about how much they were investing and how profits would be split up.

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