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Distinguish between agreement an contract

September 05, 2019

     
1. Definition: An Agreement is every single promise which is made. A Contract is a written Agreement which is lawfully enforceable.

2. Basic difference: The basic difference between agreement and contract is that every agreement is not a contract but every contract is an agreement.

3. Enforceability: agreements are not enforced by law but contracts are enforced by law.

4. Elements: Agreement is itself an element of a Contract and has no elements of its own in that capacity.  But a contract has many elements like a contract should have an agreement, legal purpose, and lawful consideration, capacity of contract, and consent to contract, lawful object and not expressly declared void.

5. Formality: An Agreement is an informal document. But contract is a formal document.

6. Types: An Agreement could be verbal or written however contract should be written.

Types of agreements
1. Non- disclosure agreement
2. Memorandum of understanding
3. Collaborative research agreement
4. Material transfer agreement
5. Sponsored research agreement

Types of contracts
1. Memorandum of understanding
2. Non- disclosure agreement


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