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mutual assent


definition of mutual assent:

the two-way agreement between parties with the intent to form a contract. Mutual assent takes the form of offer and acceptance, referred to as a meeting of the minds. It signifies the moment at which an agreement is reached, assuming all other legal requirements are in place.

mutual assent, as it might be used:

The two parties reached a mutual assent.

mutual assent, in an example:

Ogden is shopping for a good second-hand car. Looking through the classified ads in the local paper, he finds a late-model sedan that suits his needs. Upon meeting with the seller, test-driving the car and hearing the terms of the offer, Ogden accepts. In doing so, Ogden and the seller have reached a mutual assent thereby forming a contract.
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