Agreement Under Hand: Meaning and Significance
Agreement under hand is a legal term that refers to a written agreement that has been signed by the parties involved. In legal terms, it is also referred to as “agreement by deed” or “simple contract.” Such agreements can be used in a wide range of contexts, such as employment contracts, rental agreements, and loan agreements. They are often used in situations where the parties want to create a legally binding agreement, but a formal contract is not necessary or appropriate.
The term “under hand” refers to the way in which the agreement is signed. An agreement under hand does not need to be witnessed, unlike a deed, which requires a witness to attest to the signature. Instead, the parties simply sign the document themselves, stating that they agree to the terms and conditions contained within.
Agreements under hand can be legally binding, provided that they meet certain requirements. For example, the agreement must clearly state the terms and conditions of the agreement, and the parties must be competent to enter into the agreement. Additionally, the agreement must be signed voluntarily and freely, without duress or coercion.
One of the main advantages of using an agreement under hand is that it is often quicker and easier to create than a formal contract. This can be particularly useful in situations where time is of the essence, or where the parties do not want to incur the costs associated with a more formal contract. However, it is important to remember that an agreement under hand is still a legally binding document, and should be treated with the same care and attention as any other legal agreement.
Another advantage of using an agreement under hand is that it can be more flexible than a formal contract. This is because the parties can negotiate and agree to the terms and conditions themselves, rather than having to adhere to the standard terms and conditions set out in a formal contract.
In conclusion, an agreement under hand is a legal term that refers to a written agreement that has been signed by the parties involved. It is a flexible and cost-effective way of creating a legally binding agreement, and can be used in a wide range of situations. If you are considering using an agreement under hand, it is important to seek legal advice to ensure that the agreement meets all the necessary legal requirements.