BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A meeting of the minds is synonymous with mutual agreement, mutual assent, and consensus ad idem. This is a Latin phrase that means all of the parties involved in a legal contract agree to its terms and conditions.

Detailed explanation-2: -Genuine assent is true and complete agreement. Without genuine assent a contract typically is voidable. This means that, if the injured party desires, that party can cancel or avoid the contractual obligation.

Detailed explanation-3: -What is Meeting of the Minds? Also referred to as mutual agreement or mutual assent. The parties must have a meeting of the minds on the terms of their contract or the agreement may later be deemed unenforceable. This is determined by looking at their objective manifestations of assent in forming the agreement.

Detailed explanation-4: -Mutual Assent: A “Meeting of the Minds” of Offer & Acceptance. A legally recognized offer and an acceptance create a “meeting of the minds", or mutual assent, between the parties. The law requires the parties to a contract to demonstrate mutual assent to the contracts’ terms.