Skip to main content

DIFFERENCE BETWEEN CONTRACT AND AGREEMENT

What is contract?
Any agreement or declaration between two or more parties and the agreement must be enforceable by law is called contract. In valid contract, both parties who involve in the contract are legally bound to fulfill his obligations or promises which are within the contract.
                           Contract = Agreement + Enforceability
Example: Mr. Peter promises to sell his car to Mr. Harry for $20,000. Mr. Harry agrees to buy. It is a valid contract.
What is agreement?
Every promise, mutual decision or arrangement are an agreement if it forms a consideration for both parties.
                             Agreement = Offer and Acceptance
Example: The decision between two friends to share the rent in an apartment.

DIFFERENCE BETWEEN CONTRACT AND AGREEMENT

 Agreement  Contract
1. DefinitionEvery promise, mutual decision 
or arrangement are an 
agreement if it forms a 
consideration for both parties.		Any agreement or declaration 
between two or more parties 
and the agreement must be 
enforceable by law is called 
contract.
2. FormationAn offer and its acceptance 
make an agreement.		An agreement and its 
enforceability make a contract.
3. Legal ObligationsIt may or may not create legal 
obligations.		It necessarily creates legal 
obligation.
4. ScopeAll agreements are not contract.All Contracts are contract.
5. BindingAll agreements are not legally 
binding.		All valid contracts are legally 
binding.
6. In WritingNot necessarily.Contracts are usually in writing 
and registered.
7. SimilaritiesProposal, consideration, offer 
and acceptance.		Proposal, consideration, offer
and acceptance.
Labels:

Comments

Post a Comment

Popular posts from this blog

PARTS OF SPEECH – ENGLISH GRAMMAR

There are nine parts of speech Noun Pronoun Adjective Adverb Verb Preposition Conjunction Article Interjection You Can Read All Of Them By Just Clicking On The Topic Link
Post a Comment
Read more

SCOPE SUBJECTS OF FSC PRE-MEDICAL

F.SC PRE-MEDICAL SUBJECTS SCOPE OF FSC PRE-MEDICAL F.SC PRE-MEDICAL SUBJECTS SCOPE OF FSC PRE-MEDICAL The students those are interested in medical sciences in future they must also improve their skills and abilities that helps them to become a good doctor or pharmacists. Thus FSc Pre-medical provides a general definition of the fundamentals of scientific research in the field of mobile science.We are giving you detailed information about admission in FSc in pre-medical group, FSc Pre-Medical Subjects and eligibility criteria for admission. This is very complex and conceptual field so we recommend students who are simply crazy to be a doctor or anything else. This is the first step in your journey to be good doctor. Read this article fully we provide all the essential information here. Top 10 Degrees which has More Scope in Pakistan – 2020 FSc Pre-Medical Subjects : FSc pre-Medical group is two year program which is divided into two part. The subject list is given below these all subje...
Post a Comment
Read more

SCOPE OF PUBLIC ADMINISTRATION AFTER INTER & MASTERS

SCOPE OF PUBLIC ADMINISTRATION AFTER INTER & MASTERS According to Wikipedia the Definition of “ Public administration is the implementation of government policy and also an academic discipline that studies this implementation and prepares civil servants for working in the public service. ” It is the post at which you create the plan and ideas about the govt projects. It is one of the best leading and rewarding field if you have passion about to solve the problems of peoples then this profession is one of the best way to achieve your goal of humanity because this is non-profit based organization and in this field you can work as independent Public administrative as well as govt employer. The main goal of public administrative is to create new ideas solve problems and give the impressive real time solution for those issues and problems of the peoples.In this article we are going to discuss the scope of Public Administration jobs and Salary. Top 10 Degrees which has More Scope in Pak...
4 comments
Read more