These examples are automatically selected from different online sources of information to reflect the current use of the word “agreement.” The opinions expressed in the examples do not reflect the views of Merriam-Webster or its publishers. Send us comments. The committee finally reached agreement on two important issues. Britannica.com: Encyclopedia Articles on contract contracts can be bilateral or unilateral. A bilateral treaty is an agreement by which each party makes a promise or a number of commitments. For example, in a contract for the sale of a home that promises the buyer to pay the seller $200,000 in exchange for the seller`s commitment to deliver the property of the property. These joint contracts take place in the daily flow of commercial transactions and, in cases where demanding or costly precedent requirements are requirements that must be met in order for the treaty to be respected. Each country recognized by private international law has its own national legal system to govern treaties. While contract law systems may have similarities, they can differ significantly. As a result, many contracts contain a choice of law clause and a jurisdiction clause.
These provisions define the laws of the contracting country and the country or other forum in which disputes are settled. Without explicit agreement on such issues in the treaty itself, countries have rules for determining treaty law and jurisdiction over litigation. For example, European Member States apply Article 4 of the Rome I Regulation to decide on the law applicable to the Treaty and the Brussels I regulation on competence. Management indicated that an agreement had been reached with the unions. In certain circumstances, an unspoken contract may be established. A contract is implied when the circumstances imply that the parties have entered into an agreement when they have not expressly done so. For example, John Smith, a former lawyer, can implicitly enter into a contract by going to a doctor and being examined; If the patient refuses to pay after the examination, the patient has broken an implied contract. A contract implied by law is also called quasi-contract because it is not actually a contract; Rather, it is a means for the courts to remedy situations in which one party would be unfairly enriched if it were not obliged to compensate the other.