Legal Definitions - articles of agreement

Definition: Articles of agreement refer to a written document that records the agreements made between parties when forming a partnership, business, or transferring real property. Unlike a contract, articles of agreement usually contain only agreements and not express promises of performance. For example, "the parties agree that it is not possible to guarantee delivery within ten days." Articles of agreement often supplement a contract and can be either informal or detailed.

Example: When two people decide to start a business together, they may create articles of agreement that outline their roles and responsibilities, how profits and losses will be shared, and how decisions will be made. These articles of agreement will serve as a guide for the partners and help prevent misunderstandings or disputes in the future.

Explanation: This example illustrates how articles of agreement can be used to record the agreements made between parties when forming a partnership or business. The articles of agreement will outline the terms of the partnership, including each partner's responsibilities and how profits and losses will be shared. This helps ensure that both parties are on the same page and can prevent disagreements or misunderstandings in the future.