The word agreement can have both informal and formal meanings. Informally the word may be used to describe a contractual agreement between parties: ‘the agreement has three months to run’. The formal meaning of the word is used in a legal context to describe one of the prerequisites for considering a contract valid. The parties must have ‘a meeting of the minds’, sometimes called ‘consensus ad idem’, meaning that for a contract to exist the parties must share a common understanding, and there must be no mistake as to what is being agreed. See also Contract.
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Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and procurement consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.
