Understanding

Definition and Citations:

In the law of contracts. This is a loose and ambiguous term, unless it be accompanied by some expression to show that it constituted a meeting of the minds of parties upon something respecting which they intended to be bound. Camp v. Waring, 25 Conn. 529. But it may denote an informal agreement, or a concurrence as to its terms. See Barkow v. Sanger, 47 Wis. 507, 3 N. W. 10.