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"All Contracts are agreement but all agreement are not contract?
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"All Contracts are agreement but all agreement are not contract?
Contracts and Agreements
Introduction
Contracts and agreements are two terms that are often used interchangeably, but they are not the same thing. While all contracts are agreements, not all agreements are contracts.
Agreements
An agreement is a mutual understanding or arrangement between two or more parties. It can be an oral or written agreement and can be legally binding or non-binding. For example, when you agree to meet a friend for lunch, it is an agreement, but it is not a contract.
Contracts
A contract is a legally binding agreement between two or more parties that creates an obligation to do or not do something. For a contract to be valid, it must have certain elements, including:
- An offer
- An acceptance of the offer
- A consideration (something of value exchanged between the parties)
- The capacity of the parties to enter into a contract
- A lawful purpose
Difference between Agreements and Contracts
While all contracts are agreements, not all agreements are contracts. The main differences between agreements and contracts include:
- Agreements can be oral or written, while contracts must be in writing for certain types of agreements, such as real estate transactions or contracts that cannot be performed within one year.
- Agreements can be binding or non-binding, while contracts are always legally binding.
- Agreements do not require consideration, while contracts require consideration.
Conclusion
In conclusion, while contracts and agreements are related, they are not the same thing. All contracts are agreements, but not all agreements are contracts. Contracts are legally binding agreements that require certain elements to be valid, while agreements can be binding or non-binding and do not always require consideration.
Community Answer
"All Contracts are agreement but all agreement are not contract?
Yes,these statement is true.
contract ( include only valid contract)
= Agreement + enforceability of an agreement
All agreement are contract if they are made by the free consent of parties ,for a lawful consideration and with a lawful object.
AGREEMENT
1. It is the sum of.
offer and acceptance.
2. An agreement may or may not create a legal obligation
3.Every agreement need not necessarily be a contract.
Eg: family agreement.
CONTRACT
1 It is the sum of an agreement and enforceability
2. It is necessarily create a legal obligation.
3.All contact are necessarily agreement
contract ( include only valid contract)
= Agreement + enforceability of an agreement
All agreement are contract if they are made by the free consent of parties ,for a lawful consideration and with a lawful object.
AGREEMENT
1. It is the sum of.
offer and acceptance.
2. An agreement may or may not create a legal obligation
3.Every agreement need not necessarily be a contract.
Eg: family agreement.
CONTRACT
1 It is the sum of an agreement and enforceability
2. It is necessarily create a legal obligation.
3.All contact are necessarily agreement
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"All Contracts are agreement but all agreement are not contract? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about "All Contracts are agreement but all agreement are not contract? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "All Contracts are agreement but all agreement are not contract?.
"All Contracts are agreement but all agreement are not contract? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about "All Contracts are agreement but all agreement are not contract? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "All Contracts are agreement but all agreement are not contract?.
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