Guerra, Bernadette S.

October 8, 2021
IV-B-BSOA Prof. Ruby Saludario
Reflection Paper
1. Please write here what have you learned in the discussion about the topic From
Contact to Contract.
2. Discuss also what is Written and Oral agreement

The topic that we discussed was really interesting about the Contract and Contact. An

agreement is any understanding or arrangement reached between two or more parties.

A contract is a specific type of agreement that, by its terms and elements, is legally

binding and enforceable in a court of law. Contact is happening in a phone call where

you can take an agreement. It is a kind of transaction when consulting work while

contract is legally binding agreement between businesses or other parties, typically

requiring signature of those parties as acknowledgement that agreement has been

made. In order to reach an agreement, parties need only come to a common

understanding as to their relative rights and responsibilities, what is often termed a

meeting of the minds. The requirements for the formation of a contract are more precise

and comparatively stricter. The primary benefit of an agreement that does not meet the

criteria of a contract is that it is inherently informal. Where the agreeing parties have a

longstanding relationship and share a considerable degree of trust, the use of a non-

contract agreement can save time and allow for more flexibility in the fulfillment of the

agreed-upon obligations. Agreements lacking all the required elements of a contract

may also be more viable in situations where the drafting of a contract would prove

prohibitively burdensome on the parties involved. Written agreement is a legal

document summarizing the agreement between parties. legal document, legal

instrument, official document, instrument a document that states some contractual

relationship or grants some right. is outlined and agreed to via spoken communication,

but not written down. Although it can be difficult to prove the terms of an oral contract in

the event of a breach, this type of contract is legally binding. Oral contracts are often

mistakenly referred to as verbal contracts, but a verbal contract is really any contract

since all contracts are created using language.