What is an agreement in legal terms?

From a legal standpoint, an “agreement” is a mutual understanding between two or more persons. That agreement is not legally binding. A great example of this would be a letter of intent, where both parties want to ensure a proper understanding before they commit to a contract. To make an agreement legally binding, something of value — called consideration — must be exchanged as part of the agreement. If no consideration is provided, then an agreement is not legally binding. However, it’s important to note that contracts are often called agreements. In the business world, signing an “agreement” is often considered common parlance for signing a contract.

Is every agreement a contract?

No, but contracts are often called agreements. An agreement becomes a contract when: It offers terms with unconditional acceptance Involves parties with the legal capacity to understand the terms and obligations of the agreement Exchanges something of value It indicates that the agreement is legally binding When those terms are met, the agreement is a contract. From a business perspective, it is generally assumed that both parties intended to enter into a contract. Keep in mind that the item of value (consideration) being exchanged is often reflected by a change in the original position of either party before entering into the contract. While consideration can be something as simple as an exchange of money for goods, consideration might also be intangible. For example: If your small business promises to deliver 20 hours of work to a subcontractor per week for a set period of time — thereby requiring the subcontractor to commit to 20 hours of exclusive work for your organization each week for the duration of the contract — that guarantee of work would be deemed “consideration” in the eyes of a court. Assuming that your agreement doesn’t include clauses about variable hours, you may be responsible for paying the subcontractor for 20 hours worth of work each week whether or not you have the work to deliver to them. If you’re ever unsure about what may or may not be considered a contract, it’s always best to seek legal advice before entering into any kind of agreement with an outside party.

Do my agreements require a signature?

While it’s a common misconception, neither contracts nor agreements require a signature in order to become legally binding. In fact, legally binding contracts don’t even need to be written down, as evidenced by handshake deals and oral contracts! However, it’s always best (and safer) to get everything in writing in order to prevent misunderstandings or miscommunication. Take the time to collect the right contact information, define the terms of an agreement, and create delivery and payment schedules that make sense before signing anything. Creating a high-quality legal document could save both parties thousands in legal fees later on. PandaDoc makes this easy by allowing parties to create contracts, negotiate terms, and sign documents using legally binding electronic signatures all inside the same platform. Whether you can get by with a one-page service agreement or you need a vetted legal document with contingencies at every step, PandaDoc has you covered.

Is an agreement binding?

Once something of value is exchanged between knowing parties, an agreement becomes binding. This item of value is called consideration, and this practice is true even outside the business world. Real estate operates on housing contracts, room rental agreements, sublease agreements, roommate agreements, and more. When renters sign a lease, often for a 12-month rental, they are entering into a binding agreement by consenting to pay something of value (money) for the right to live in a space for a set period of time. Binding agreements are prevalent in every aspect of societal life. Even child custody and separation agreements are considered a type of contract based on the laws of the state.

How do I write an agreement?

In order to write an effective agreement, you’ll need to determine if you intend it to be legally binding and what you plan to offer. In the case of real estate, the offer is straightforward. However, for many business operations, that offer may not be as clear. Sales agreements or payment agreements often can’t be written as a boilerplate and require negotiation. This is why proposals and quotes are common before a contract is created. No matter what kind of agreement you want to create, the PandaDoc template library has hundreds of examples to help you get started. Browse through our library of contract templates and find one that suits your needs. After you finish your draft, we recommend that you consult legal experts to help you finalize more sensitive contracts. Once you’ve created an effective agreement, you can upload it to the PandaDoc editor and use our software to insert custom variables and fields for electronic signatures before sending your documents to your service providers and employees.

What kind of templates can I create with PandaDoc?

The possibilities are limitless. Because any document in PandaDoc can become a template, you can create templates from simple invoices to complex services agreements. This can include: Confidentiality agreement templates Rental agreement templates Invoice templates Purchase agreement templates Standard agency agreement template NDA and confidentiality templates And more To expedite services further, you can even save modified versions of our documents inside your PandaDoc library as personal contract templates. Creating complex legal agreement templates or consulting agreement templates can save hours of time when onboarding new clients.

Can I use your agreement templates in Word?

Yes and no. While you can download our templates in a PDF format and import them into Microsoft Word, they won’t be fully editable as they would be in PandaDoc. Using the PandaDoc document editor, you can write out your contract details, format the document in a way that represents your business, and even use specialized tools to set pricing and collect payment details. By editing our templates in Word, you may find yourself limited in terms of document creation.

Agreement templates

Professionally designed agreements are a key ingredient in any business relationship. Whether you’re a freelancer, a large corporation, or something in between, our agreement templates can help you protect your legal rights while saving time during document creation. Download any template today to get started.

Alabama Real Estate Purchase Agreement

The Alabama Real Estate Purchase Agreement is a legal framework that enables prospective buyers and sellers to establish a contract for a property transaction. This agreement outlines the purchase price, initial payment, and applicable financing conditions. To adhere to state laws, you can customize our legally binding Alabama Real Estate Purchase Agreement template.

Massachusetts Real Estate Purchase Agreement

A Massachusetts real estate purchase agreement is a legally binding contract that facilitates the real estate transaction between you, the buyer, and the seller. You’re responsible for drafting this agreement and presenting your offer to the seller. This agreement must encompass all the conditions of the sale. Based on their discretion, the seller may accept, counter, or reject your offer.

Louisiana Real Estate Purchase Agreement

The Louisiana Real Estate Purchase Agreement is a legally binding contract that delineates the terms and conditions governing the sale of real property in the state of Louisiana. This document typically includes details such as the purchase price, property description, contingencies, and other essential provisions agreed upon by the buyer and seller during the real estate transaction.

Maryland Real Estate Purchase Agreement

Whether selling or buying property in Colorado, remember the legal terms and disclosures in a Colorado real estate purchase agreement. There are specific requirements you must include in these lawful contracts. It includes what information you must add and the legal disclosures discussed below.

Oregon Real Estate Purchase Agreement

An Oregon Real Estate Purchase Agreement is a contract between a buyer interested in buying a residential property and a seller. This agreement outlines the buyer’s offer, including the proposed sales price. It also stipulates a timeframe for the seller to accept these terms before the offer becomes void.

Idaho Real Estate Purchase Agreement

An Idaho real estate purchase agreement is a binding contract between buyers and sellers that outlines the details and terms for the sale and purchase of a property. Having a comprehensive, professional agreement completed helps ensure smooth property transactions.

Indiana Real Estate Purchase Agreement

In Indiana, real estate transactions must be formalized through written agreements. These legally binding documents serve as the cornerstone of property acquisitions, delineating buyers’ and sellers’ rights and obligations. Therefore, it’s essential to understand the properties of an Indiana real estate purchase agreement for successful transactions.

Iowa Real Estate Purchase Agreement

When venturing into the real estate market in Iowa, understanding the intricacies of a purchase agreement is crucial. A well-written Iowa real estate purchase agreement serves as the blueprint for the transaction, outlining the terms and conditions that both buyers and sellers must adhere to. Each component is vital in ensuring a smooth and legally binding transaction.

Kansas Real Estate Purchase Agreement

In Kansas, when a buyer and a seller agree to sell a genuine property, they enter into a legally binding residential purchase and sale agreement. This agreement sets out the terms and conditions of the sale, including the purchase price, payment method, and closing date. Its purpose is to ensure that everyone involved understands their responsibilities and expectations and to prevent potential disagreements during the transaction process.

Kentucky Real Estate Purchase Agreement

The residential real estate purchase agreement in Kentucky, also known as the “real estate purchase offer,” outlines the details of the sale, such as the payment to be made to the seller, the payment method by the buyer, and the closing date of the transaction.

Maine Real Estate Purchase Agreement

A residential purchase and sale agreement in Maine is a legal document that aids property transactions between sellers and buyers. The buyer fills out and hands over this agreement to the seller as a proposal to buy. It encompasses all the conditions of the agreement, such as personal property, earnest money, financing conditions, the date of closing, and periods for inspection. If the acquisition is contingent on financing, an appraisal of the property to a specific minimum value may be necessary.

Minnesota Real Estate Purchase Agreement

In Minnesota, a buyer who wishes to purchase a residential property must use a legal document known as a purchase or sale agreement to propose the deal to a seller who is open to selling. This document must specify the price the buyer offers, the payment method, and the duration for which the offer stands.

Mississippi Real Estate Purchase Agreement

The Mississippi Real Estate Purchase Agreement sets the conditions for a property deal. A potential buyer can utilize this form to propose an offer for the seller to approve or negotiate. The form should contain the anticipated purchase price, loan details, and the earnest money payment amount.

Montana Real Estate Purchase Agreement

A Montana Real Estate Purchase Agreement is a contract that outlines an offer for a property. It’s completed by two parties: the buyer and the seller. The document details the conditions of the offer, including the proposed price, how the buyer plans to finance the purchase, and the offer’s expiration date if not accepted. The seller can reject or negotiate the offer until it expires. The agreement becomes enforceable by law once both parties sign it.

Nebraska Real Estate Purchase Agreement

In Nebraska, a document known as a residential real estate purchase agreement, or a real estate contract, is created when one party wishes to sell a property and another party expresses their intent to purchase it.

Nevada Real Estate Purchase Agreement

A real estate purchase agreement in Nevada is a legally binding contract stipulating the conditions for transferring property from a seller to a buyer. The property is typically traded for a specified amount, as per the contingencies detailed in the contract. It’s usual for the buyer to ask for a period of 30 to 120 days to conduct property inspections and secure any required financing (such as a mortgage).

New Hampshire Real Estate Purchase Agreement

The purchase agreement, specific to the state of New Hampshire, is a crucial instrument that facilitates the change of ownership of a residential property from one individual or party to another. This legal document is expected to clearly state the agreed-upon final price of the property, the sum of the earnest money deposit, the date set for closing the deal, and any other provisions that the parties deem necessary.

New Mexico Real Estate Purchase Agreement

The real estate purchase agreement in New Mexico is a legally binding document that connects the seller of a residential property with a potential buyer. Within this agreement, the buyer specifies their monetary offer and terms, along with the closing date for the offer. The seller can negotiate, accept, or decline the offer until closing. Additionally, if the sale includes items like furniture, appliances, or utilities, the agreement should explicitly cover these.

North Dakota Real Estate Purchase Agreement

A real estate purchase agreement in North Dakota is a legal document that binds a buyer and a seller. It lays out the terms for transferring real property in return for a specified sales price. The agreement covers all aspects of the sale, including contingencies, the inspection period, due diligence, and the closing timeline. Once both parties sign the agreement and the buyer is informed of its acceptance, it becomes legally effective.

Rhode Island Real Estate Purchase Agreement

A real estate purchase agreement in Rhode Island is a legal document utilized by individuals interested in buying a single-family or multi-unit dwelling. This document contains several stipulations that the buyer and seller must mutually agree upon within a specified period for it to be legally enforceable. The contract’s terms can differ based on the property type being transacted. Still, it invariably outlines the transaction’s participants, the property details, the finalization date, and the compensation (typically financial) given to the seller for their residence.

South Carolina Real Estate Purchase Agreement

The South Carolina Real Estate Purchase Agreement sets the rules and stipulations for a property deal. TThe terms outlined in the agreement are acknowledged and accepted, demonstrated by the matching signatures of the buyers and sellers involved in the transaction.

South Dakota Real Estate Purchase Agreement

A Real Estate Purchase Agreement in South Dakota is a legally binding document detailing the specifics of a residential property transaction. This document can be presented by potential buyers (or their representatives) to the property owner as a proposal. The seller then has the opportunity to discuss and modify the terms before finalizing and agreeing to the transaction.

Vermont Real Estate Purchase Agreement

In Vermont, any purchase agreement for real estate must be in writing. Otherwise, it’s not considered valid in a court of law. Our free and comprehensive Vermont real estate purchase agreement is a fantastic choice to get you started. However, before customizing the document, read up on the legal requirements. It includes the writing requirements and required disclosures, all of which we discuss below.

Washington Real Estate Purchase Agreement

Washington has strict guidelines surrounding purchasing contracts, requiring that they be in writing, among other things. However, sellers should also ensure they add the correct information and disclosures. That’s where our customizable Washington real estate purchase agreement comes in. It contains important legal details and terms.

West Virginia Real Estate Purchase Agreement

The WV Real Estate License Act mandates that all agency relationships for real estate be in writing. It helps prevent fraud or corruption with real estate agents and agreements. However, a West Virginia real estate purchase agreement must be in writing, but it must also contain specific requirements. Without these requirements, the agreement can become invalid.

Wyoming Real Estate Purchase Agreement

A Wyoming Real Estate Purchase Agreement is a legally binding contract that facilitates the transfer of property ownership. The process begins with the buyer detailing the financial aspects and other stipulations of the purchase within the document. The contract only gains legal validity when both parties mutually agree to the terms and affix their signatures.

Georgia Real Estate Purchase Agreement

A Georgia Real Estate Purchase Agreement is a legally enforceable agreement between two entities – the buyer and the seller. The primary objective of this understanding is to facilitate the transfer of a residential property’s ownership. It comprehensively outlines the transaction’s specifics, including the agreed-upon price, the terms of financing, and the responsibilities and rights of both involved parties.

North Carolina Real Estate Purchase Agreement

In North Carolina property transactions, a Purchase Agreement is a legally binding contract drawn up by the prospective buyer. This document outlines their intent to acquire a property and stipulates the key terms of the deal.

Michigan Real Estate Purchase Agreement

In a Michigan Real Estate Purchase Agreement, a potential buyer engages in discussions with a seller to establish the terms of the deal. This document is born out of these negotiations and outlines the specifics of the real estate transaction in Michigan. The seller is furnished with a proposed offer and deposit payment plan. This could involve financing from a bank, the seller, or funds from selling another dwelling.

Virginia Real Estate Purchase Agreement

A Virginia real estate purchase agreement is vital in the dynamic landscape of property transactions. It’s the cornerstone, embodying the intricate balance of guaranteeing buyers’ rights and providing sellers’ protections. As such, it’s crucial to understand its structure and key components for fruitful transactions.

Colorado Real Estate Purchase Agreement

Missouri Real Estate Purchase Agreement

The Missouri real estate purchase agreement is a formal record confirming the transfer of residential property ownership. Both the buyer and seller utilize this document to outline the essential conditions of the sale, including the agreed-upon price, the items that come with the property, the date of closing, and any specific requirements.

Utah Real Estate Purchase Agreement

The Utah Real Estate Purchase Agreement is a legally binding contract that outlines the terms and conditions for the sale of real property in the state of Utah. This document includes crucial details such as the purchase price, property description, contingencies, and other provisions agreed upon by the buyer and seller, providing a structured framework for a transparent and regulated real estate transaction in Utah.

Alaska Real Estate Purchase Agreement

An Alaska real estate purchase agreement is necessary when buying or selling property. This document covers the sale’s legal aspects, including the parties’ responsibilities. This agreement also serves as a checklist, ensuring that required legal processes are fulfilled. As such, understanding the key features of this agreement can help ensure a smooth process.

Delaware Real Estate Purchase Agreement

Buying and selling real estate in Delaware is governed under state law to ensure desirable outcomes for the involved parties. A Delaware real estate purchase agreement gives everyone peace of mind, knowing the transaction terms are clear-cut and legally binding. Furthermore, it protects both the buyer and seller. If any issues come up, this contract is key evidence.

California Real Estate Purchase Agreement

The California Real Estate Purchase Agreement is a legally binding contract outlining the terms and conditions between a buyer and seller for the sale of real property in the state of California. Use our template to outline the details such as the purchase price, earnest money deposit, contingencies, and other crucial aspects governing the transaction.

Texas Land Lease Agreement

A Texas Land Lease Agreement, also known as a Ground Lease or Ground Lease Agreement, is a legally binding contract that outlines the terms and conditions governing land rental. This Agreement establishes a relationship between the owner and the tenant and grants them the right to use the land for specific purposes.

Utah Commercial Lease Agreement

A Utah Commercial Lease Agreement is a legally binding contract between a property owner and a renter to lease a business space. This contract encompasses all crucial stipulations of the leasing deal, including the payment of rent, security deposit, and renewal options.

Missouri Commercial Lease Agreement

When a tenant wants to rent a space for business purposes in Missouri, they must sign a commercial lease agreement. This document defines the obligations and responsibilities of both the tenant and the landlord and the terms of payment, duration, and consequences for breaking this agreement.

Maryland Commercial Lease Agreement

Commercial leases in Maryland are used to lease properties for business purposes. As such, there are several legal terms and clauses that landlords should know about. Read all about the laws and legal disclosures before you draw up a Maryland commercial lease agreement.

Louisiana Commercial Lease Agreement

A Louisiana commercial lease agreement is a document used when a business wants to rent a commercial property from a lessor for a specific period to run its daily operations. This agreement outlines the lease terms and conditions. Once both parties sign the agreement, it becomes a legally binding contract that can be enforced in a court of law in Louisiana if any lease violations occur.

Massachusetts Commercial Lease Agreement

A Massachusetts commercial lease agreement is a contract for renting a commercial space for business purposes. It is usually between two (2) and four (4) years, with options to renew available should the tenant choose. To ensure protection for both the lessor and lessee, it’s advised that all commercial leases are signed in the presence of a notary public.

Alabama Commercial Lease Agreement

The Alabama Commercial Lease Agreement serves as a crucial legal document facilitating transparency and adherence to regulations in commercial property dealings between Lessors and Lessees within Alabama. This agreement encompasses various commercial properties such as retail establishments, office spaces, and industrial facilities, elucidating the duties and entitlements of each party involved.

Oklahoma Commercial Lease Agreement

The Oklahoma Commercial Lease Agreement is an essential legal instrument that fosters transparency and compliance in commercial property transactions between Lessors and Lessees in the state of Oklahoma. This agreement covers a wide range of commercial spaces, including retail premises, office spaces, and industrial facilities, providing clarity on the responsibilities and rights of all involved parties.

Colorado Commercial Lease Agreement

A Colorado commercial lease agreement is a legally binding document that establishes the terms and conditions for the rental of commercial property in the state of Colorado. This contract outlines key details such as rent amounts, lease duration, maintenance responsibilities, and other provisions relevant to commercial leasing within the state.

New Jersey (NJ) Commercial Lease Agreement

Streamline your business rentals in New Jersey using our customizable Commercial Lease Agreement template. Effectively manage leases for successful business ventures with confidence.

Tennessee (TN) Commercial Lease Agreement

Efficiently simplify your commercial rentals in Tennessee using our customizable lease agreement template. Ensure legal compliance and lease confidently for business success.

Wisconsin (WI) Commercial Lease Agreement

Efficiently simplify your commercial rentals in Wisconsin using our customizable lease agreement template. Ensure legal compliance and lease confidently for the success of your business.