Business Studies, asked by bhatanvita9, 1 month ago

explain the difference between contract and agreement​

Answers

Answered by Anonymous
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.
Answered by prachiwarade
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

Hope it helps you

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