A Mutual Agreement From A to Z

Standardized Legal Documents A Mutual Agreement From A to Z

Different Types of a Mutual Agreement

Dealing with legal documents is never easy, especially if you’re not in the legal profession.

A mutual agreement can be difficult to understand since it encompasses a number of items. We’ll go over mutual agreements and assist you in drawing up numerous documents! With our help, writing a contract won’t require a lawyer or a contract template.

The Meaning of a Mutual Agreement Explained

A mutual agreement is a somewhat redundant phrase. Any agreement should be mutual in itself as it entails two or more parties who agree on something. Going by this definition, a mutual agreement can refer to all legally binding contracts where parties signed and mutually agreed to all the terms and clauses.

Mutual agreements can be used for any legal contingency—divorce, termination, child support, business partnerships, etc.

Another definition of a mutual agreement is more specific and portrays the difference between a mutual and a non-mutual agreement. A mutual agreement requires both parties to agree to the same condition. For example, a non-disclosure agreement can be:

  1. Mutual—Both parties agree not to disclose certain info about the other party
  2. Non-mutual—One party (e.g., an employee) signs the agreement

What Are the Elements of Mutual Agreements?

Every mutual agreement needs to consist of the following five elements:

  • Consideration—There must be an exchange of value and benefits (for example, a service and payment)
  • Capable parties—All signing parties must be of legal age (at least 18 years old) and of sound mind. The parties should also not be under the influence of drugs or alcohol
  • Legal purpose—The contract obligations must abide by the U.S. laws to make them legal and enforceable
  • Offer and acceptance—One party accepts what the other party is offering and vice versa
  • Genuine and mutual assent—All parties truly and mutually agree to the terms of the contract

Different Mutual Agreement Types

Most mutual agreements also include different sub-agreements or clauses, such as the non-disclosure agreement or a confidentiality agreement, and a release or a hold harmless agreement, which can also be standalone mutual contracts.

Here’s what the most common types of mutual agreements should cover:

Mutual Agreement TypeWhat It Usually Covers

Mutual Business Agreement (Joint Venture Agreement)

  1. Number of parties
  2. Full names of all parties
  3. Structure and duration of the joint venture
  4. Responsibilities of each party
  5. Management members and their contributions
  6. Dispute resolution details
  7. Ownership split
  8. Profit and cost division among all parties
  9. Termination terms and conditions
  10. Signatures of all parties

Mutual Non-Disclosure Agreement

  1. Names of both parties
  2. Non-disclosure obligations
  3. Confidential information
  4. Exclusions
  5. Jurisdiction
  6. Signatures

Mutual or Reciprocal Release (Hold Harmless) Agreement

  1. Name of the parties
  2. Signatures of both parties
  3. Agreement duration
  4. Indemnification
  5. Applicable law

What Happens if a Party Breaches a Mutual Agreement?

If one or more parties fail to follow the rules and obligations set forth in the mutual agreement, they have breached it. In case you are the injured party, you can sue the other party and take one of the following courses of action:

  1. Demand financial compensation
  2. Request the other party to perform their duties as per the agreement

Use DoNotPay To Draft Different Legal Documents

If you’re thinking of choosing between hiring a lawyer and downloading a contract template and taking matters into your own hands, know that there is a better way! You can use DoNotPay—the world’s first robot lawyer—to generate numerous legal documents in a few minutes. All it takes is several clicks once you open our app in any web browser:

  1. Enter the name of the legal document you wish to create
  2. Answer a few questions to tailor the document to your needs

That’s it on your end! Our AI-driven app can take it from here. Your agreement or contract will be ready for signing in no time. Feel free to generate the same type of document as many times as you want.

Check the table below for the types of legal documents we can currently make for you:

BusinessReal EstateMiscellaneous
  • Estoppel certificate
  • Quitclaim deed
  • Intent to purchase real estate
  • Residential lease agreement

The Advantages of Creating Documents With the Help of DoNotPay

You can rely on DoNotPay to whip up various legal documents in a flash, which comes with additional perks, including:

  • E-signing your contracts
  • Faxing your documents to other parties with ease
  • Not searching for or using contract samples or templates
  • Not hiring lawyers

Learn About Numerous Agreements and Contracts With DoNotPay

Feel free to browse our learning center and get familiar with different legal documents that you may need to sign or create, such as:

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