Legal Definitions - agreed price

Definition: Agreed price refers to the price that has been mutually agreed upon by the buyer and seller for a particular product or service.

For example, if you are buying a car from a dealership, the agreed price would be the amount that you and the dealer have negotiated and agreed upon for the car. This price would be documented in the sales contract.

Another example would be if you are hiring a contractor to do some work on your house. The agreed price would be the amount that you and the contractor have agreed upon for the work to be done.

These examples illustrate how the agreed price is the final price that has been agreed upon by both parties involved in a transaction. It is important to have an agreed price in writing to avoid any misunderstandings or disputes in the future.