meeting of the minds


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meeting of the minds

A requirement for the formation of a valid and enforceable contract is that the parties must agree to the same thing.If there is a mutual mistake of fact regarding one of the critical elements of a contract, there has been no meeting of the minds and the contract may be set aside.

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The law in this area is unclear but we do know that mere agreement as to price does not constitute a meeting of the minds sufficient to entitle a broker to a commission.
It ruled that no brokerage commission is earned until the buyer and the seller have a meeting of the minds on all substantial issues.
Personally, I get a tremendous level of excitement selling and leasing industrial and commercial real estate, from seeing the production line in the factory on a day-to-day basis, to meeting a diverse collection of players in the corporate and industrial sectors, to developing and implementing negotiating skills which make the most unlikely situations become a meeting of the minds.

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