a mutual business agreement, also known as a joint venture agreement or mutual cooperation agreement, is just a contract memorializing the arrangement between two parties who are working together for a common purpose. to be enforceable, a legally binding mutual business contract must contain consideration, an offer and acceptance, a legal purpose, capable parties and mutual assent. consideration refers to the idea that the parties must be exchanging something of value. mutual assent just means that both parties must agree to and understand the terms of the contract. a mutual business agreement should state the names and addresses of the parties, when the agreement will start, the term of the agreement and a basic description of how the companies will work together.