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Formal Consent Agreement Law and Legal Definition. A formal consent agreement in the employment context is an agreement concluded after preliminary investigation uncovers major unfair labor practices (ULPs). It includes a written statement of facts underlying the charge, a waiver of the right to a public hearing, and consent to the issuance of a formal National Labor Relations Board (NLRB) order.
Definition of a Consent Judgment. A consent judgment is issued when two parties agree to a settlement to end a lawsuit. The parties write up an agreement for the judge to sign. Consent judgments considered here are those between a debtor and creditor. Creditors can agree to settle for less than the full amount they are owed.