Purchase Agreement
/ˈpɜːrtʃəs əˈɡriːmənt/
Definitions
- (n.) A legally binding contract outlining terms and conditions under which one party agrees to buy and another agrees to sell goods, property, or services.
The parties signed the purchase agreement before the transfer of ownership.
Forms
- purchase agreements
Related terms
See also
Commentary
A purchase agreement should clearly specify item descriptions, price, payment terms, delivery obligations, and remedies for breach to minimize disputes.
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.