Definition - What does Mutual Assent mean?
Mutual assent is when two parties agree to the basic terms of a contract before signing it. Mutual assent is one of the first steps on the path to finalizing an insurance contract.
Insuranceopedia explains Mutual Assent
If mutual assent occurs, there is a good chance that a contract will go through. However, mutual assent does not make the finalization of the contract a done deal. One of the parties to the contract could change their mind before signing it. The assent might also be rescinded if one party is found to have misrepresented certain facts or if new facts come to light.