Differences Between A Contract And Contract Agreement Essay

A. Differences between a contract and an agreement are: CONTRACT AGREEMENT 1. A contract is a legal binding between two or more parties. 1.An agreement is an arrangement between two or more parties 2. A contract is enforceable by law. 2. An agreement is not enforceable by law. 3. Consideration is required in contract. 3. Consideration is not required in an agreement. 4. There is a guarantee by law to claim upon any damage. 4. There is no guarantee by law to claim upon any damage. 5. No writing is required in a contract. But in some specific kinds of contracts such as land and other partnership based contracts, some papers are required. 5. No writing is required in an agreement. B. Elements for a valid contract are: 1. Offer and acceptance: The offer given by one party and accept by another party. 2. Intention to create a legal relationship: there must be a legal intention for a contract. 3. Lawful consideration: when one party get something from another party and give something to another party. For example: between a teacher and a student or between a customer and a sales person. 4. Capacity of parties: capacity must be needed for a contract. The contract is not completed if one of the party is, (a) miner (b) person of unsound mind (c) Disqualified by law to which they are subject. 5. Free consent: the contract must be free from all consents. Contract is said to be free if it is free from; (a) Coercion (d)Show MoreRelatedJerry Is Suing Ronan For Breach Of Contract1147 Words   |  5 PagesJerry is suing Ronan for Breach of Contract. 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