Understanding

It may denote an in- N. W. 16. A valid contract engagement of a somewn&t informal character. Winslow v. Lumber Co., 32 Minn. 238, 20 N. W. 145. In the law of contracts it is a loose and ambiguous term, unless accompanied by some expression to show that It constituted a meeting of the minds of the parties upon something respecting which they intended to be bound. Camp v. Waring, 25 Conn. 529.

An ambiguous word, unless accompanied by an expression showing that it constitutes a meeting of minds as to something respecting which the parties intend to be bound. It may be used to express the expectation of confidence upon which parties frequently are willing to rely without their exacting a binding stipulation. "Understanding" and "agreement" are synonymous. An understanding is "anything mutually understood or agreed upon." "It is understood," in ordinary use, when adopted in a written contract, has the same force as "it is agreed." It falls short of alleging a distinct, express contract.' Expresses a valid contract engagement of a somewhat informal character." See Assent; Promise.