Agreement Made By and By: A Commonly Misunderstood Legal Term
Legal language can be confusing and difficult to understand, especially when it comes to terms that are not often used in everyday speech. One such term is “agreement made by and by,” which is commonly used in legal documents. However, it is often misunderstood and misinterpreted by people who are not familiar with its meaning.
What is an “agreement made by and by”?
The term “agreement made by and by” is a legal phrase used to describe a contract or agreement that will be executed at a future date. This means that the agreement has been made, but it will not be signed or implemented until a later time. In simpler terms, it is an agreement that is made now, with the intention of it being fulfilled later.
For example, if two parties agree to sell a property, but the actual sale will not take place until a later date, they would use the term “agreement made by and by” to describe the arrangement. This term is also commonly used in contracts for services or goods that are not yet available but will be provided at a later date.
Why is “agreement made by and by” important?
Using the correct legal terminology is crucial in any legal document, as it ensures that all parties involved understand the terms of the agreement. In the case of “agreement made by and by,” it is essential to clarify that the agreement has been made, but it is not yet effective.
Furthermore, using the term “agreement made by and by” protects both parties involved in the agreement. It ensures that neither party is bound by the terms until both parties agree to the same terms and sign the agreement. This means that if one party changes their mind or circumstances change, they can still back out of the agreement without any legal consequences.
Common misunderstandings of “agreement made by and by”
Despite its importance in legal documents, “agreement made by and by” is often misunderstood. One of the most common misunderstandings is that it refers to an agreement that will be made in the future. However, as mentioned earlier, the agreement has already been made, and it is only the implementation or execution that will take place in the future.
Another misconception about “agreement made by and by” is that it is a binding agreement. However, it is not legally binding until both parties have agreed to the same terms and signed the agreement. Until then, the agreement is nothing more than a promise to fulfil certain obligations at a later date.
Conclusion
In conclusion, “agreement made by and by” is a commonly used legal term that describes a contract or agreement that has been made but will not be signed or implemented until a later date. It is important to understand the correct meaning of this term to avoid any misunderstandings or legal disputes. As a professional, it is crucial to use the correct legal terminology in any legal document to ensure that it is clear, concise, and easily understood by all parties involved.