Question

Agreement essential element and types of agreememt and difference between contract and agreement

Answer 1

Answer:

The requisite elements that must be established to demonstrate the formation of a legally binding contract are :

(1) offer;(2) acceptance; (3) consideration; (4) mutuality of obligation; (5) competency and capacity; and, in certain circumstances, (6) a written instrument.

There are 20 types some of them are

Express agreement or Express contract.

Express agreement or Express contract.Partnership agreement.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.Non-disclosure agreement.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.Non-disclosure agreement.Purchase order.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.Non-disclosure agreement.Purchase order.Property and/or equipment lease.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.Non-disclosure agreement.Purchase order.Property and/or equipment lease.Bill of sale.

Express agreement or Express contract.Partnership agreement.Indemnity agreement.Non-disclosure agreement.Purchase order.Property and/or equipment lease.Bill of sale.General employment contract. etc.

Dufference:-

• Agreement-An agreement is any understanding or arrangement reached between two or more parties.
• Contract-A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.