What Is The Legal Definition Of A Mutual Agreement

As social agreements, markets consist of bilateral barter transactions, both actual and potential. Unlike theft or forced abduction, exchange is a peaceful way to get what you want. It is based on mutual agreement between the commercial parties. Given the well-known alternative methods of personal enrichment, people can be expected to exchange ideas if and where alternatives seem less attractive. This is usually the case when people come together in a normative, legal and institutional framework that defines and enforces property rights, although even in the absence of a common normative order, people may have reasonable grounds to pursue their interests through exchange and not through violent methods. Like Max Weber (1978, p. .

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