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What does "legally binding" mean?

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"Legally binding" is a legal term signifying an intentional agreement between two or more entities who have a legal accountability. This accountability means that certain actions are necessary and other actions are prohibited in order to uphold the agreement, according to BusinessDictionary.com.

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One example of a legally binding contract is a lease for an apartment. The lessor, or person who owns the property, agrees to provide the apartment for a certain amount of time in a particular condition, while the lessee, or the person leasing the property, pays for and keeps the apartment in good condition, states The Law Dictionary.

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