Meeting Of The Minds
Glossary Of Real Estate Terms
Meeting of the minds
http://en.wikipedia.org/wiki/Meeting_of_the_Minds
Quote:
Meeting
of the minds (also referred to as mutual assent or consensus ad idem)
is a phrase in contract law used to describe the intentions of the parties
forming the contract. In particular it refers to the situation where there is a
common understanding in the formation of the contract. This condition is often
considered a necessary requirement to the formation of a contract.
The reasoning is that a party should not be held to a
contract that they were not even aware existed. A mutual promise between friends
over simple personal matters should not be a situation where legal remedies are
to be used. Equally, any such agreement where the obligation is primarily a
moral one rather than a legal one should not be enforceable. It is only when all
parties involved are aware of the formation of a legal obligation is there a
meeting of the minds.
Stop Quote:
Meeting of the
minds
