Final answer:
A "meeting of the minds" is a mutual consensus and understanding among the parties involved in a contract regarding its terms, which is essential for the contract to be legally binding.
Step-by-step explanation:
The term "meeting of the minds" refers to a mutual understanding and agreement on the terms of a contract by all parties involved. It implies that all individuals involved in the negotiation have a shared understanding and have mutually agreed to the terms and conditions outlined. For a contract to be legally binding, there must be evidence of a meeting of the minds. This concept is central to contract law as it signifies that there has been a consensus ad idem, or agreement to the same thing, by the parties entering into the contract. Expressions such as What's on your mind? and Great minds think alike! echo the notion of shared understanding in everyday language, while the legal application of this concept is critical to ensuring that contractual agreements are voluntarily and consciously made by each party.