Meeting Of The Minds

An agreement between parties in which each party is aware of the commitments that is being made by each individual. Meeting of the minds, or consensus ad idem, is associated with contract law and is fundamental for the existence of a contract. If both parties to a contract make a mistake in the contract's creation, and may thus be agreeing to perform actions other than what both expected, there would not be a meeting of the minds.

For example, a business needing to resupply its inventory of toys and speaks with a local supplier. The businessman indicates that he is looking to buy the supplier's stock, which he takes to be the supply of toys that the supplier has. The supplier, however, thinks that the businessman is looking to buy out his business, hence his "stock" of shares. Because both parties are not agreeing to the same material exchange there is no meeting of the minds, and thus no agreement.

Investment dictionary. . 2012.

Look at other dictionaries:

  • meeting of the minds — meeting of the minds: assent to the mutually agreed upon and understood terms of an agreement by the parties to a contract that may be manifest by objective signs of intent (as conduct) the parties had not reached a meeting of the minds, and they …   Law dictionary

  • Meeting of the minds — For the talk show, see Meeting of Minds. Meeting of the minds (also referred to as mutual agreement, mutual assent or consensus ad idem) is a phrase in contract law used to describe the intentions of the parties forming the contract. In… …   Wikipedia

  • meeting of the minds — n. a consensus; an agreement. □ At last we’ve reached a meeting of the minds. □ This meeting of the minds is nothing more than a truce …   Dictionary of American slang and colloquial expressions

  • meeting of the minds — A concurrence of intention between a promisor and a promisee. The mutual assent of the parties on all the essential elements or terms of a contract. 17 Am J2d Contr § 18 …   Ballentine's law dictionary

  • meeting of the minds — assent by contracting parties to an agreement established as understood by both in the same sense as to terms, conditions, and subject matter …   Useful english dictionary

  • a meeting of the minds — a meeting of (the) minds see ↑meeting • • • Main Entry: ↑mind …   Useful english dictionary

  • (a) meeting of the minds — a situation in which people find that they have similar ideas and opinions. There was a true meeting of minds between the two leaders during the six hour talks …   New idioms dictionary

  • The Death of Contract — is a book by American law professor Grant Gilmore, written in 1974, about the history and development of the common law of contracts.[1][2] Gilmore s central thesis was that the Law of Contracts, at least as it existed in the 20th century United… …   Wikipedia

  • The Dissent of Man — Studioalbum von Bad Religion Veröffentlichung 28. September 2010 Label Epitaph Records …   Deutsch Wikipedia

  • The Dissent of Man — Álbum de Bad Religion Publicación 28 de septiembre de 2010 Grabación mayo junio de 2010 Género(s) Punk rock Hardcore melódico …   Wikipedia Español

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.