What Distinguishes an Agreement from a Deed?
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What Distinguishes an Agreement from a Deed? As a business owner, you will likely encounter numerous agreements and deeds. While these documents share similarities, it is crucial to select the appropriate one for your specific arrangement, as they entail different signing protocols. The key distinction in the realm of contracts lies in whether there has been an exchange of consideration between the parties involved. For example, in an agreement, one party may deliver a specific product in return for payment from the other party. Conversely, deeds represent a distinct category of legal documents that signify a party's commitment to fulfill a particular obligation. This article will delve deeper into the differences between deeds and agreements. What is a Deed? A Deed is a formal and legally binding commitment to perform a specific action. The concept of a deed arises from the necessity within communities to establish a distinct ritual or process that publicly signifies the seriousne...