Meaning and Definition of an Agreement:

An Agreement consists of an offer by one party and its acceptance by other. In other words, an
agreement comes into existence only when one party makes a proposal to the other party and that
other party gives acceptance.

Meaning and Definition of a Contract:

A contract is a promise or set of promises for the breach of which the law gives a remedy or the
performance of which the law in some way recognize as duty. In other words, a contract is an
agreement the object of which is to create a legal obligation