The term ‘Bargain’ literally means ‘an agreement between two  or more individuals that they will do or say give something in exchange for something’. In legal sense the term ‘Bargain’ means ‘an agreement between the parties for exchange of promise or performance. This agreement can not necessarily be called a contract because the transaction of exchange of performance or promise may be illegal and an illegal contract is void in nature. Also an important term used with the term bargain in law is ‘Plea Bargain’ which is basically a negotiation in which the defendant agrees to plead guilty, in return for reduction of severity of  charges.