Agreement and Contract
- An agreement is a promise or set of promises (s).
- A contract is essentially an agreement, i.e., a promise or set of promise (s).
- Enforceability – An agreement may or my not be enforceable at law. For example, social agreements are generally not enforceable while business agreements are enforceable at law. A contract is an agreement which is enforceable at law.
- Effect – An agreement is not always a binding on the concerned parties. A contract is always concluded and binding on the concerned parties.
- Scope – All agreements are not contracts. All contracts are agreements.