What is the term for the agreement between parties that signifies the acceptance of an offer?

The term "meeting of the minds" refers to a mutual understanding and agreement between two or more parties regarding the terms of a contract. This concept is fundamental in contract law, as it indicates that all parties involved have a shared understanding of what is being agreed upon, which is essential for a legally enforceable contract.

When an offer is made and accepted, it demonstrates that both parties are on the same page regarding the expectations, obligations, and rights involved in the agreement. Without this meeting of the minds, there may be misunderstandings or disputes down the line, which could undermine the contract's validity. Thus, the phrase encapsulates the essence of agreement that is necessary for forming a legally binding contract.

While terms like "mutual consent" and "contractual obligation" may relate to agreements in general, "meeting of the minds" specifically highlights that both parties have comprehended and agreed to the key elements without ambiguity.