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Question
Difference between Contract and Agreement.
Distinguish Between
Solution
|
Basis of Difference |
Contract |
Agreement |
| 1. Definition | A contract is an agreement enforceable by law | An agreement is every promise or every set of promises forming consideration |
| 2. Enforceability | Every contract is enforceable | Every promise is not enforceable |
| 3. Interrelationship | A contract includes an agreement | An agreement does not include a contract |
| 4. Validity | Only legal agreements are called contracts | An agreement may be both legal or illegal |
| 5. Legal Obligation | Every contract contains a legal ‘ obligation. | It is not necessary for every agreement to have a legal obligation. |
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Meaning and Definition of the Indian Contract Act
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