The phrase "it is understood," when employed as a word of contract in a written agreement, has the same force as the words "it is agreed." Higgin-son v. Weld, 14 Gray (Mass.) 165.
Definition of Understood
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Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
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Black's Law Dictionary: 2nd Edition