General Partnership Agreements
Overview
Check Pricing
3-Step Process
Why LegalZoom?
Education Center
General Partnership Agreements Education
FAQ
Glossary

Why LegalZoom

General Partnership Agreement Education
Home | Business Formations | General Partnership Agreements

General Partnership Agreements


4. Definition of an Agreement
At its most basic level, a written agreement is a agreement that is a legally enforceable agreement between two or more parties (individuals, businesses, or organizations) that creates an obligation to do, or not do, certain things.

Regardless of whom the parties are, agreements almost always contain the elements of who, what, and how. The "who" means the parties must be competent to enter into an agreement. For example, under the law, a minor generally cannot enter into a contract. The "what" refers to the mutual agreement of all parties. Each party either promises to do or not do something. "What" is it that you are supposed to do and "how" are you going to do it? For example, if you enter into an agreement to buy a car for $10,000, the "what" is buying the car and the "how" is the $10,000 payment.
 
LegalZoom Newsletter
Sign up for our free monthly newsletter and receive periodic special offers.
Choose Another Document