In any legal context, agreements are a fundamental aspect of ensuring that parties come to a clear understanding about the terms of a relationship or transaction. However, not all agreements are created equal, and it’s crucial to understand the various types of agreements that exist. Here are three correct statements about the types of agreements:

1. Verbal agreements are just as binding as written ones.

Many people assume that verbal agreements are not legally enforceable, but this is not always the case. In fact, a verbal agreement can be just as legally binding as a written one, as long as the key terms are clearly articulated and both parties have agreed to them. However, the challenge with verbal agreements is that they are difficult to prove in court, as there may not be any physical documentation to back up the claim.

2. Executed agreements are those that have been fully performed.

When parties to an agreement have fulfilled their obligations under the terms of the agreement, the agreement is considered “executed.” At this point, both parties have met their respective obligations, and the relationship or transaction is considered complete. For example, if you sign a lease agreement for an apartment and pay your rent each month, you are executing the agreement.

3. Implied agreements are those that are not explicitly stated.

An implied agreement is one in which the terms have not been explicitly stated, but can be inferred from the behavior or actions of the parties involved. For example, if you order food at a restaurant and the server brings you a meal, there is an implied agreement that you will pay for the meal. Implied agreements can be trickier to navigate than explicit ones, as both parties may have different expectations or interpretations of the agreement.

In conclusion, understanding the different types of agreements is critical in any legal context. By recognizing the nuances of verbal, executed, and implied agreements, you can ensure that you are protected and have a clear understanding of the expectations of all parties involved.