Difference between Agreement and Contract
|
Basis of differences
|
Agreement
|
Contract
|
|
Meaning
|
Every promise and every set
of promises, forming the
consideration for each
other. Ouer + Acceptance
|
Agreement enforceable by law.
Agreement + Legal enforceability
|
|
Scope
|
It’s a wider term including both legal and social
agreement.
|
It is used in a narrow sense
with the specification that contract is only legally enforceable agreement.
|
|
Legal obligation
|
It may not
create legal obligation. An agreement
does not always grant rights to
the parties
|
Necessarily creates a legal
obligation. A contract always grants certain rights to every party.
|
|
Nature
|
All
agreement are not contracts.
|
All
contracts are agreements.
|
http://www.comgurukul.com/educational-books/gst-book/
No comments:
Post a Comment