When it comes to legal contracts and agreements, one of the key concepts is express agreement. But what exactly does this term mean? Let`s take a closer look.
Express agreement refers to a clear and unambiguous agreement between parties. In other words, it is an agreement that is explicitly stated and understood by all parties involved. This can include written contracts, verbal agreements, or even actions that demonstrate an agreement (such as shaking hands).
The opposite of express agreement is implied agreement, which refers to an agreement that is not explicitly stated but is still inferred from the actions or words of the parties involved.
Express agreement is particularly important in legal contexts, where the precise terms of an agreement can have significant implications. For example, in a contract for the purchase of a home, the express agreement might include the purchase price, the payment schedule, and any contingencies or conditions that must be met before the sale is finalized.
In order for an express agreement to be legally binding, it must meet certain criteria. Firstly, the terms of the agreement must be clear and unambiguous. This means that there should be no confusion or ambiguity about what is being agreed upon. Secondly, the parties involved must have the capacity to enter into the agreement. This means that they must be legally able to make decisions and enter into contracts (for example, they must not be minors or mentally incapacitated).
If an express agreement is breached (meaning one party fails to fulfill their obligations under the agreement), the other party may have legal recourse. This can include seeking damages or specific performance (a court order requiring the breaching party to fulfill their obligations).
In conclusion, express agreement is a crucial concept in legal contracts and agreements. It refers to a clear and unambiguous agreement between parties, which can take the form of a written contract, verbal agreement, or actions that demonstrate an agreement. An express agreement must meet certain criteria to be legally binding, and if it is breached, the other party may have legal recourse. As such, it is important to fully understand the terms of any express agreement before entering into it.