agreement

Related Terms
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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