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Discussion > Business Law > Contracts > difference between contract and agreement?   Unanswered Threads Post New Topic

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There are 15 Replies to this message


pawan arora


student
[ Scorecard : 86]
Posted On 12 January 2010 at 11:28 Report Abuse

hi everyone

plz someone tell me the major difference between contract and agreement and



Suchitra. S


Advocate
[ Scorecard : 4727]
Posted On 12 January 2010 at 13:39 Report Abuse

An agreement enforciable by law is a contract. So, all contracts are agreements but all agreements are not contracts.


V. VASUDEVAN


LEGAL COUNSEL
[ Scorecard : 2726]
Posted On 12 January 2010 at 16:14 Report Abuse

 ALL AGREEMENTS ARE CONTRACTS IF THEY ARE MADE BY THE FREE CONSENT OF PARTIES COMPETENT TO CONTRACT, FOR A LAWFUL CONSIDERATION AND WITH A LAWFUL OBJECT AND ARE NOT EXPRESSLY DECLARED (IN THE CONTEXT OF THE INDIAN CONTRACT ACT) TO BE VOID 


CS Pooja


Company Secretary
[ Scorecard : 521]
Posted On 15 January 2010 at 10:43 Report Abuse

As replied by Ms. Suchita, all contracts are agreements but all agreements are not contracts.

Hence, contract is a refined version of agreement.

To drive home the idea, we can say, "We have reached an agreement and will now enter into a contract"


Suresh CSLLM


Service
[ Scorecard : 182]
Posted On 15 January 2010 at 18:08 Report Abuse

Its apparent if you read Indian Contract Act and its very clearly mentioned in every commentrary / contract books.


kranti


lawyer
[ Scorecard : 24]
Posted On 16 January 2010 at 17:13 Report Abuse

contract is a binding legal agreement that is enforceable in a court of law.


kranti


lawyer
[ Scorecard : 24]
Posted On 16 January 2010 at 17:15 Report Abuse

 An Agreements may be legal or may not be legal.


Adesh Kumar Sharma


Senior Associate Lawyer
[ Scorecard : 308]
Posted On 25 January 2010 at 19:43 Report Abuse

My Dear Friend,

To know the major difference between the agreement and contract, I would suggest you to go through the provision of section 2(e) and 2(Hon'ble Court) of the Indian Contract act, 1872.

 Section 2(e): Every promise and every set of promise, forming the consideration for each other, is an agreement.

Section 2(h): An agreement enforceable by law is a contract.

The phrase “forming consideration for each other” relates to the words “set of promise” and does not qualify “every promise”. Therefore, a promise is an agreement without consideration. The fact that the consideration is not necessary element for making an agreement is seen from the language of Section 10 and 25 of the Contract act, 1872, though it is necessary for making it enforceable.  

But if this agreement is not enforceable by law then it does not become contract but it becomes void. There may be many conditions in an agreement, and complied with the conditions prescribed therein, by the parties make the agreement enforceable under the law i.e. a Contract and non-compliance would render the agreement void.  

For example:

Where a document has all features of an agreement to sell, it would constitute a contract between the parties.

You can say that every agreement, which can be enforced under the law is a contract.

A contract qua contract, however, must be consensual. It must meet the statutory requirements and reasons under the provisions of the Indian Contract Act. When a contract is entered into by and between the parties, what is determinative is enforcement of the terms and conditions to be governed by the contract, subject, of course, to the application of the statute and statutory provisions. Whereas a statutory contract would be governed by a statute, other contracts would not.

I hope you can understand the difference between the agreement and contract.

Thanking you.



Total thanks : 1 times

Adesh Kumar Sharma


Senior Associate Lawyer
[ Scorecard : 308]
Posted On 25 January 2010 at 19:44 Report Abuse

its section 2 (h)  of the Indian Contract Act, 1872, in place of 2 (Hon'ble Court)..


TVD Rajkumar


Advocate
[ Scorecard : 175]
Posted On 29 January 2010 at 11:04 Report Abuse

 Mr. Pawan,

Had you read the Contract Act in the first place, Iam asking b'cox your query seems very general...



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