What difference between agreement and contract ?

Question

Answer

Agreement =offer +acceptance

Answer

Agreement- its a promise. Agreement can be done by everyone
contract - its enforced by law. Not everyone can get into a contract. A minor (not yet 18) cannot get into a contract.

Answer

A contract is an agreement which is enforceable by law. On the other hand, an agreement is a promise and a set of promise forming consideration between two parties.

Answer

Agreement vs. Contract
Agreement:
- An agreement is a mutual understanding between two or more parties about their rights and obligations.
- It may or may not be legally enforceable, depending on the presence of certain elements such as intention to create legal relations, consideration, and certainty of terms.
- Agreements can be oral or written and can cover various aspects of a relationship, such as the sale of goods, services, or property.

Contract:
- A contract is a specific type of agreement that meets all the legal requirements to be enforceable in a court of law.
- It must contain an offer, acceptance, consideration, legal capacity, and certainty of terms.
- Contracts can be written or verbal, but written contracts are generally preferred as they provide clear evidence of the agreement's terms.
- Breach of a contract can lead to legal remedies such as damages or specific performance.

Differences:
- Enforceability: An agreement may or may not be legally enforceable, while a contract is legally binding and enforceable.
- Requirements: A contract must meet all legal requirements, while an agreement may not have all the necessary elements.
- Legal Remedies: Breach of a contract can lead to legal remedies, whereas breach of an agreement may not have the same legal consequences.
In conclusion, while both agreements and contracts involve mutual understanding between parties, contracts are more formal and legally binding. It is essential to ensure that all necessary elements are present to create a valid and enforceable contract.

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