Agreement in principle
Encyclopedia
In law, an agreement in principle is a stepping stone to a contract
. Such agreements with regards to the principle are usually considered fair and equitable. Even if all details are not known, an agreement in principle may outline a percentage of royalty for example.
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
. Such agreements with regards to the principle are usually considered fair and equitable. Even if all details are not known, an agreement in principle may outline a percentage of royalty for example.