What is the difference between a contract and an agreement?
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.
so the main difference is on legal terms,meaning that an agreement maybe unlawful?
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.
ok,l got it.thanks a lot.
You are welcome.
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