Understanding

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Understanding

A general term referring to an agreement, either express or implied, written or oral.

The term understanding is an ambiguous one; in order to determine whether a particular understanding would constitute a contract that is legally binding on the parties involved, the circumstances must be examined to discover whether a meeting of the minds and an intent to be bound occurred.

Cross-references

Meeting of Minds.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
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