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what is difference between contract and Agreement (Business Law)

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Author : Anonymous

Posted On 25 February 2011 at 15:55

what is difference between contract and Agreement under Contacts Act?




Expert : Amit Minocha

Posted On 25 February 2011 at 17:11

an agreement enforcable by law is called as Contract



Expert : Parveen Kr. Aggarwal

Posted On 25 February 2011 at 22:18

All contracts are agreements but only those agreements are contracts which are enforceable by law.



Expert : Parveen Kr. Aggarwal

Posted On 25 February 2011 at 22:23

Section 2(e) and (f) of the Indian Contract Act, 1872:

"(e) Every promise and every set of promises, forming the consideration for each other, is an AGREEMENT."

"(h) An agreement enforceable by law is a CONTRACT."



Expert : Sachin Bhatia

Posted On 03 March 2011 at 10:13

Contract is an agreement between two or more person creating rights and duties between them and which is enforceable by law.

A contract is an agreement creating and stating responsibility between the parties. According to section2b of the contract act, an agreement enforceable by law is contract. So it is clear the contract consist of two elements:



Expert : Sachin Bhatia

Posted On 03 March 2011 at 10:14

An agreement should be enforceable by law.
According to section 2e every promise and combination of promises making the consideration for each other is an agreement. It is clear from the definition that promise is an agreement. Section 2 defines the promise as when any person with the suggestion is made indicate his assent thereto, it means the proposal is accepted. A proposal when accepted becomes a promise. We can say that an agreement is an accepted proposal. The process of definition shows that a contract is an agreement, an agreement is a promise and a promise is an accepted proposal. An agreement therefore comes into existence only when one party makes a proposal or offer to the other and that other signifies his assent thereto. In short every agreement is the result of a proposal from one side and its acceptability by the other.


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