Means of Agreement: Understanding the Different Types of Agreements

When it comes to agreements, it is important to understand the different types of means of agreement that exist. This is because agreements can come in many different forms, and each type has its own set of requirements, benefits, and drawbacks. Therefore, in this article, we will define the different types of means of agreement and provide examples to help you better understand each type.

1. Verbal Agreement

A verbal agreement is an agreement that is made orally between two or more parties. These types of agreements are not typically written down as they rely on the parties` memories to recall the terms of the agreement. Although verbal agreements are valid, they can be difficult to enforce in court as there is no written evidence to support the terms.

Example: Two friends agree to split the cost of a vacation. The agreement was made over the phone and no contract was signed.

2. Written Agreement

A written agreement is a legal document that outlines the terms and conditions of an agreement between two or more parties. This type of agreement is legally binding and enforceable in court. It is advisable to have all agreements in writing, as it ensures that all parties are clear about the terms and conditions.

Example: A rental agreement between a landlord and tenant. The agreement outlines the rental terms, including the rent amount, duration of the lease, and the responsibilities of each party.

3. Implied Agreement

An implied agreement is an agreement that is not expressly stated, but rather is understood based on the conduct of the parties. The parties involved do not necessarily have to agree to the terms, but their actions imply an agreement.

Example: A plumber is hired to fix a leaky faucet. The plumber begins work, and the homeowner makes no attempt to stop him. An implied agreement is created that the homeowner will pay for the services rendered.

4. Express Agreement

An express agreement is an agreement that is explicitly stated. The terms and conditions are spelled out in unambiguous terms, making it easy for all parties to understand the expectations.

Example: An employment contract between an employer and employee. The agreement outlines the job duties, compensation, and benefits.

5. Executed Agreement

An executed agreement is an agreement that has been fully performed by both parties. The terms and conditions have been fulfilled, and the agreement is no longer in effect.

Example: A contractor is hired to build a deck. The deck is built, and the contractor is paid. The executed agreement is complete.

In conclusion, understanding the different types of means of agreement is crucial when entering into any contractual relationship. Whether it is a verbal agreement, written agreement, implied agreement, express agreement, or executed agreement, each type has its own features that should be carefully considered before signing on the dotted line. As a professional, we suggest that you seek legal advice to ensure that the agreements you are making adhere to the laws and regulations set forth by your state.