What is meant by "an intention to be legally bound?"

Both parties need to have intended to enter into a legally binding agreement. In social and domestic agreements, there is a rebuttable presumption that it was not intended to enter into legal relations. However, an intention to be legally bound may be inferred where one party has acted to his detriment on the agreement or where it is a business agreement or where there is mutuality (both parties clearly stand to gain something.)

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