Express Agreement Meaning and Definition: Everything You Need to Know
In the world of contracts and legal agreements, the term “express agreement” is often used, but what does it mean? And how does it differ from other types of agreements? Let`s explore.
Express Agreement: Definition
An express agreement refers to a written or oral agreement between two parties that explicitly outlines the terms and conditions of the arrangement. In other words, an express agreement is an agreement where the parties have explicitly stated the terms of their agreement.
Express agreements are also known as explicit agreements or specific agreements. They are the opposite of implied agreements, which are agreements that are not expressly stated but are implied by the actions or circumstances of the parties involved.
Examples of express agreements include employment contracts, purchase agreements, and lease agreements. In these types of agreements, the terms and conditions are clearly stated and agreed upon by both parties.
Express Agreement: Importance
Express agreements are essential in business and legal transactions because they provide both parties with a clear understanding of their rights and obligations. They prevent misunderstandings and disagreements that could arise if the terms of the agreement were not explicitly stated.
Additionally, express agreements provide legal protection for both parties. If one party fails to fulfill their obligations under the agreement, the other party can take legal action to enforce the terms of the agreement.
Express Agreement vs. Implied Agreement
As mentioned earlier, an express agreement is the opposite of an implied agreement. While an express agreement is explicitly stated, an implied agreement is not. Implied agreements are inferred from the actions or circumstances of the parties involved.
For example, if a person goes to a restaurant and orders food, there is an implied agreement between the customer and the restaurant that the customer will pay for the food. This agreement is not explicitly stated but is inferred from the circumstances.
However, if the restaurant and the customer enter into a written agreement where the terms and conditions are explicitly stated, it becomes an express agreement.
Express Agreement vs. Executed Agreement
Another term that is often used in the context of contracts is an executed agreement. An executed agreement is a contract that has been fully performed by both parties. In other words, all the terms and conditions of the agreement have been fulfilled.
An express agreement can be both executed or executory. An executory agreement is a contract where the terms and conditions have not yet been fulfilled, while an executed agreement is a contract where both parties have fulfilled their obligations.
In conclusion, an express agreement is a written or oral agreement between two parties that explicitly outlines the terms and conditions of the arrangement. It is essential in business and legal transactions because it provides both parties with a clear understanding of their rights and obligations.
Express agreements are the opposite of implied agreements, which are inferred from the actions or circumstances of the parties involved. Additionally, express agreements can be both executed or executory, depending on whether all the terms and conditions have been fulfilled.
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