Informal Agreement
/ɪnˈfɔːrməl əˈɡriːmənt/
Definitions
- (n.) A mutual understanding or arrangement between parties that is not legally binding due to lack of formalities or enforceable elements.
The two companies reached an informal agreement to collaborate before drafting a formal contract.
Forms
- informal agreements
Related terms
See also
Commentary
Informal agreements are often used to outline terms before formalizing a contract but generally lack enforceability unless converted into a formal agreement.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.