**All contracts are agreements, but all agreements are not contracts. Discuss the statement.**

To understand the statement, it is important to first define what a contract and an agreement are:

**Contract:** A contract is a legally binding agreement between two or more parties that creates rights and obligations that are enforceable by law. It must contain certain essential elements such as offer, acceptance, consideration, intention to create legal relations, capacity to contract, and certainty of terms.

**Agreement:** An agreement, on the other hand, is a broader term that refers to the mutual understanding or arrangement between two or more parties. It can be either oral or written and may or may not be legally enforceable.

Now, let's discuss the statement in detail:

**1. All contracts are agreements:**
- A contract is a specific type of agreement that meets the legal requirements and is enforceable by law.
- For a contract to be valid, it must have all the essential elements mentioned earlier.
- Contracts create legally binding obligations on the parties involved, and failure to fulfill these obligations can result in legal consequences.

**2. All agreements are not contracts:**
- While all contracts are agreements, the reverse is not true. Not all agreements are legally enforceable contracts.
- A mere agreement that lacks one or more essential elements of a contract, such as consideration or intention to create legal relations, would not be considered a contract.
- For example, if two friends agree to meet for dinner on a specific day, it is a simple agreement but not a contract because it lacks the intention to create legal relations.
- Another example would be a social agreement or a promise made between friends, which is generally not legally binding.

**Conclusion:**
In conclusion, it can be stated that while all contracts are agreements, not all agreements are contracts. Contracts have specific legal requirements that need to be fulfilled, whereas agreements can be more informal and may not have the necessary elements to be legally enforceable. It is essential to differentiate between the two to understand the legal implications and enforceability of a particular agreement.