Meeting of the Minds
Definition - What does Meeting of the Minds mean?
In contract law, meeting of the minds is the term used to describe an understanding shared or agreement acknowledged by two or more parties. As such, it is critical to the formation of a viable contract and is reflected in the specific stipulations of the contract. It does not apply to contracts in which both parties make a mistake that affects their understanding of what will transpire.
Justipedia explains Meeting of the Minds
In order for a meeting of the minds to occur, two or more people, businesses or organizations involved in a deal must have a clear understanding of what will transpire as a result of the transaction. This includes an understanding regarding all of the terms and conditions included in the arrangement, which is reflected in the way that the contract is carried out. If there is no meeting of the minds, a contract is not enforceable.