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A contract is an agreement between parties that is legally enforceable.
An agreement between two or more competent parties in which an
offer is made and accepted, and each party benefits. The agreement
can be formal, informal, written, oral or just plain understood. Some
contracts are required to be in writing in order to be enforced. An
agreement between two or more parties which creates obligations to
do or not do the specific things and that are the subject of that
agreement. Examples of a contract are a lease, a promissory note, or a
rental agreement.
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Contracts are divided into express or implied. An
express contract is one where the terms of the
agreement are openly uttered and avowed at the
time of making, as to pay a stated price for
certain goods.
· Offer and Acceptance
· Intention to Create Legal Relations
· Lawful Consideration
. Capacity of Parties
· Free Consent
. Lawful Object
· Writing and Registration
· Certainty
· Possibility of Performance
. Not Expressly Declared Void
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An agreement is a meeting of the minds. An agreement is made
when two people reach an understanding about a particular issue,
including their obligations, duties and rights. While agreement is
sometimes used to mean contract — a legally binding oral or written
agreement — it is actually a broader term, including understandings
that might not rise to the level of a legally binding contract. The
writing or document that records the meeting of the minds of the
parties. It is an oral compact between two parties who join together
for a common purpose intending to change their rights and duties.
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An agreement is not always synonymous with a contract because it
might lack an essential element of a contract, such as consideration.
1)
2)
In any meeting of the minds, even without legal obligation.
In law, another name for a contract including all the elements
of a legal contract: offer, acceptance, and consideration (payment or
performance), based on specific terms
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The basic difference between contract and agreement is that the remedies for breach of
contract and breach of agreement are way too different. Contract becomes enforceable
once three conditions of legally binding agreement are met while agreement can be
worked upon when two minds meet at a certain point.
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A gentlemen agreement is not enforceable by law whereas a contract can be enforceable
by law.
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A contract requires agreement on the terms; consideration (usually but not always money)
and an intention by both parties to be legally bound to each perform their respective
promises. But an agreement may not be intended to be legally binding on the parties.
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A contract is a formal agreement which is legally binding, usually created for
business purposes, or to ensure the safety of one’s assets. Agreements are
informally made with family and friends, they are similar to promises.
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Contracts involve a universal acceptance of the terms and the stipulations are
deemed possible to attain by all parties. Agreements have universal
acceptance, however there is no guarantee of attainment by parties and it can be
changed at any time by either participant