Agreements are formal arrangements between two or more parties that outline their mutual commitments and responsibilities. They can be written or verbal and often include terms such as payment, deadlines, and specific actions to be taken. Agreements help ensure that all parties understand their roles and can provide a basis for resolving disputes if they arise. Common types of agreements include contracts, leases, and partnership agreements. These documents serve to protect the interests of all involved and can be legally enforceable, meaning that if one party fails to meet their obligations, the other party may seek legal remedies.