Informed consent refers to an agreement between two or more parties to carry out a particular act. In other words, it can be defined as allowing a particular thing(s) to happen after all the relevant information and facts are known to all the parties involved.
When parties are entering into a contract, an agreement can only be formed if everyone who is involved discloses all information relevant and deemed important to the agreement. Another example of informed consent is when providers reveal all the possible consequences of a medical practice and a patient agrees to it with full knowledge of those consequences.