Contractual Economic Agreement
Contractual Economic Agreement. An economic agreement forming part of a transaction, which has contractual standing as evidenced by a contract between the two parties to the Agreement.
The REA Economic Agreement may or may not be between two distinct legal persons, as the REA scope includes transactions within organizations. For REA based transaction models which are between separate legal entities or persons, the form of agreement in force is this Contractual Economic Agreement, that is the agreement, backed by a written or implied contract, which is in force between the parties to this agreement.
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