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Agreement Is What

My sign of the symbolism of the summit, its organization and its ability to take the right tone is certainly an A-Plus. As for the substance, there remains a big question mark, the central product of this historic meeting seems to be an agreement to do things that both sides have agreed on in the past. The main advantage of an agreement that does not meet the criteria of a treaty is that it is informal in nature. If the parties have a long-standing relationship and share a significant degree of trust, the use of an agreement without a contract can save time and allow for greater flexibility in the execution of agreed commitments. Agreements that do not contain all the necessary elements of a contract may also be more practicable in situations where the preparation of a contract would prove prohibitive for the parties concerned. The term “agreement” is broader than that of “contract”, as in “Any contract is an agreement, but conversely, it is not possible”. . . .