Which term defines a clear understanding, either verbal or written, between parties involved in a transaction?

The term that defines a clear understanding, either verbal or written, between parties involved in a transaction is "Express Agreement." This type of agreement explicitly states the terms and conditions agreed upon by the parties involved, leaving no ambiguity about their intentions or obligations. Express Agreements can be formalized through a written contract or can also occur through clear verbal communication.

Implied Agreements, on the other hand, arise from actions or conduct rather than clearly articulated terms, which could lead to misunderstandings regarding the parties' intentions. General Obligation is a broader concept that does not specifically refer to agreements or contracts, and Contractual Duty refers to the responsibilities outlined in a contract rather than the agreement itself. An Express Agreement is essential in real estate transactions, as it ensures that all parties are on the same page regarding their responsibilities and expectations.