Approximate agreement is a term used in contract law to describe a situation where the parties involved in a contract have not agreed on every detail of the agreement but have agreed on the essential terms. In other words, there is some level of agreement between the parties, but there are still some unresolved issues.
An example of approximate agreement can be seen in a property transaction. A buyer and a seller may agree on the price and the closing date, but there may be other details, such as the condition of the property and whether any repairs need to be made, that have not yet been decided. In this case, there is approximate agreement on the essential terms of the contract, but there is still some negotiation and discussion needed to finalize all the details.
Approximate agreement can be a useful tool for parties negotiating a contract because it allows them to move forward with the transaction while still leaving some flexibility to negotiate and finalize the remaining details. However, it’s important to be clear about what terms are agreed upon and what terms still need to be negotiated.
In order to ensure that approximate agreement is valid and enforceable, it’s important to have a written agreement that clearly outlines the terms that have been agreed upon. This can include details such as the agreed-upon price, payment terms, delivery date, and any other essential terms. It’s also a good idea to include a clause in the agreement that outlines how any unresolved issues will be resolved.
Another important consideration when working with approximate agreement is the use of language. The terms used in the agreement should be clear and unambiguous, with no room for interpretation. This can help prevent any misunderstandings or disputes that may arise in the future.
Overall, approximate agreement can be a useful tool for parties negotiating a contract. It allows them to move forward with the transaction while still leaving some flexibility to negotiate and finalize the remaining details. However, it’s important to be clear about what terms are agreed upon and what terms still need to be negotiated in order to ensure that the agreement is valid and enforceable.