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A contract is a formal, legally binding agreement made between two parties with a common interest in mind. This creates mutual obligations that are enforceable by law.
What is the agreement between two partners called?
The partnership agreement is a legal document, signed by all the parties in the partnership, and it details the roles, duties, rights, and responsibilities of the partners, as well as how the profits and losses should be distributed among them.
What is the word for an agreement between two people?
An agreement is an understanding between parties. That understanding should take into account the responsibilities and obligations of both parties. An agreement is not always legally binding however and not always enforceable. They are sometimes more informal than contracts and may even be unwritten on many occasions.
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