An "Agreement" is a mutual understanding between two or more parties about their rights and responsibilities. It can be formal, like a contract, or informal, like a verbal promise. Agreements are essential in various contexts, including business, law, and personal relationships, as they help clarify expectations and prevent misunderstandings. In legal terms, an agreement becomes a contract when it meets specific criteria, such as offer, acceptance, and consideration. Common types of agreements include leases, employment contracts, and sales agreements. These documents often outline the terms and conditions that all parties must follow to ensure a smooth relationship.