explain the difference between contract and agreement
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15
Answer:
- The terms “agreement” and “contract” are used interchangeably, but legally speaking, they are two different things.
- An agreement is simply an understanding or arrangement between two or more parties. A contract is a specific agreement with terms and conditions that are enforceable court.
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2
Answer:
“All contracts are an agreement, but all agreements are not contracts”
Explanation:
Without knowing the fact, we enter into hundreds of agreement daily, which may or may not bound us legally. Those which bind us legally are known as a contract, while the rest are agreement.
When a proposal is accepted by the person to whom it is made, with requisite consideration, it is an agreement.
When an agreement is enforceable by law, it becomes a contract
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