Negotiating a contract is a challenging and complex task. One must take into account a multitude of factors to successfully negotiate a contract. Oftentimes, a final contract concludes after the parties reach what is known as an agreement in principle. Understanding an agreement in principle is fundamental to an overall understanding of contracts.
The function of an agreement in principle is to establish the primary elements of a contract between the parties.
The effects of an agreement in principle is to outline the parameters of the final agreement.
There is no standard time frame between the development of an agreement in principle and the signing of a final contract.
A wise course is to put the basic elements of the agreement in principle into written form.
Because of the complex nature of contract negotiations, obtaining legal representation is a wise course of action.
- Cornell Law School: Contract Overview
- "Principles of Contract Law;" Robert A. Hillman; 2004
- "Contract Law: Selected Source Materials;" Steven J. Burton & Melvin A. Eisenberg; 2008
Mike Broemmel began writing in 1982. He is an author/lecturer with two novels on the market internationally, "The Shadow Cast" and "The Miller Moth." Broemmel served on the staff of the White House Office of Media Relations. He holds a Bachelor of Arts in journalism and political science from Benedictine College and a Juris Doctorate from Washburn University. He also attended Brunel University, London.