law of contract

This topic contains 5 replies, has 2 voices, and was last updated by avatar mrjonbain 1 week ago. This post has been viewed 97 times

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    Abel
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    What is the difference between a contract and an agreement?


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    mrjonbain
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    A contract is legally binding.A contract has certain elements that are required for it to be a legal contract. An offer must have been made by one party and accepted by another.An offer is a willingness to be bound legally on terms stated in offer.For contract to exist there must be at minimum a valid offer by one party and acceptance by another.Other elements may be needed to constitute a valid contract depending on the legal system.An agreement suggests,in my mind, an informal arrangement which is not necessarily legally enforceable whereas a contract if properly constituted will be legally recognised.Contracts are all agreements of one sort or another but not all agreements are contracts.Not sure how well I have expressed myself above.If you have questions about my confounding please feel free to ask.


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    Abel
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    so the main difference is on legal terms,meaning that an agreement maybe unlawful?


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    mrjonbain
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    It probably won’t be unlawful (an agreement)unless its subject matter is illegal but it won’t be legally binding unlike a contract.For example, I could verbally or in writing accept an invitation to a party.That would be an agreement but would not constitute a contract.Sometimes the difference between agreement and contract can be less clear cut.Feel free to ask if you want more information.


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    Abel
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    ok,l got it.thanks a lot.


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    mrjonbain
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    You are welcome.

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