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Business Glossary

Business Definition for: mutual assent

Dictionary of Insurance Terms

mutual assent

offer and acceptance upon which an agreement is based. For a contract to be legal (and thus enforceable in a court of law), an offer must be made by one party to another party, who accepts the offer. If properly negotiated, the insurance contract is deemed to be a contract of mutual assent.

Referring Terms:

insurance contract, general

Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.

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