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
