An express agreement is a legal term that refers to a contract or agreement between two or more parties that is explicitly stated and written down. It is also known as an express contract, as it is created when the parties to the agreement express their intentions in a clear and unambiguous way.
In an express agreement, the terms and conditions of the contract are explicitly stated, leaving little to no room for interpretation. This type of agreement is often preferred over an implied agreement, which is created through the actions or conduct of the parties involved.
One of the key components of an express agreement is the offer and acceptance. The offer is a proposal made by one party to another, laying out the terms of the agreement. Acceptance is the other party`s agreement to the offer, creating a binding contract between the two parties.
Another important aspect of an express agreement is consideration. This refers to something of value that is exchanged between the parties, such as money, goods, or services. Consideration is a necessary component of a contract, as it indicates that each party is giving and receiving something in return.
An express agreement can be written or verbal, although it is always advisable to have a written agreement to avoid any misunderstandings or disputes. A written agreement should include all of the terms and conditions of the agreement, as well as any specific requirements or expectations of each party.
In conclusion, an express agreement is a clear and explicit contract between two or more parties, created through the offer, acceptance, and consideration. It is an essential tool for conducting business and ensuring that each party understands their rights and responsibilities under the agreement. Whether written or verbal, an express agreement is a powerful legal tool that can help protect your interests and ensure a successful business relationship.