Contract Law assignment

Name: p.v.n.s.Ramya
Topic: differences between contract& agreement,undue
influence,invitation to offer-its effects on contract
Batch 2021-2026
Submit to: Manish sir
Amity law school,amity university,Maharashtra
Program:BBALLB(sem-1)

1.explain the difference between contract and agreement

There is an old statement, “all contracts are an agreement, but all agreements are
not contracts” Which implies that agreement is different from a contract. Without
 knowing the fact, we enter into 100 of agreement daily, which may or may not
bound us legally. Those which bind us legally are know as contract,while the rest are
agrements

Definition: A An agreement is expensive concept that includes any agreement or

understanding between two or more parties about their rights and responsibilities
with respect to one another. Such informal agreements often take on the form of
gentlemen’s agreement where adherence To the terms of agreement relies upon
the honour of the parties involved rather than exterior means of enforcement.
A contract is a specific type of agreement that meets certain requirements designed
to create legal bending obligations between parties that are enforced by a court of
law 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 a contract must contain the following essential
elements

Offer to acceptance: Every contract must include a specific offer and the
acceptance of that specific offer

Mutual consent: The offer and acceptance must be freely consented two by the
parties without coercion all parties must agree to the same terms and all intend for
a bending agreement to be formed

Consideration: this is something of value that is exchanged between the parties.

Consideration can take the form of money goods or services but both parties must
provide something of value for a contract to be formed.

Competence: Both parties must compèred this situation and understand what the
contract will entail. There’s no party can beer minor under the influence of drugs or
alcohol or mentally deficient in a way that would prevent them from understanding
the terms of the contract

Legal purpose: The purpose of the contract must fall within the confines of lawful
conduct

Definition of contract : A contract is a legally binding agreement that defines and

governs the right and duties between or among its parties. A contract is legally enforceable
when it meets the requirements of applicable law. A contract typically involves the
exchange of goods services money or a promise of any of those in the event of a breach of
contract the injured party may seek judicial remedies such as damage or cancellation
There are five elements that are required for any contract. First the contract must have a
legal purposes.some agreements must be written in order to be valid, such as contract that
involve a significant amount of money contracts are parts of every day dealings in all
aspects of life.therefore,it is crucial to understand the rules governing them to ensure you
have a valid contract.

Explanation: A contract is like a promise between people each person or organisation who
agrees to do something in a contract is called a party. An agreement or a contract is called a
party.an agreement or a contract,says what you and the other people or organisation have
agreed to do.it is written list of the promises you made
An example of contract is an agreement between two people to be mainted.
Part of a contract is the receipt of money,now as lawful consideration

Basics of Agreement Contract

comparision
Meaning When a proposal Is When an
accepted by the agreement is
person to whom it is enforceable by law,
made, with requisite It becomes a
consideration it is an contract
agrement
Elements Offer and Agreement and
acceptance enforceability

 Promises and commitments forming consideration for the parties to the same
consent is known agreement. The agreement, which is legally enforceable is known
as contract
 The agreement is defined in Section 2(E) while I contract is defined in Section 2(H)
of the Indian contract act, 1872.
 The major elements of an agreement is the offer and its acceptancy by the same
person to whom it is made, for adequate consideration. Conversely, the major
element of an agreement are agreement and it’s enforceability by law.
 Every agreement is not an contract but every contract is an agreement
 An agreement need not to be given in writing, but the contracts are normally
written and registered
 The agreement does not legally bound any party for the performance. In the
contract, the people are legally bound to perform their part
 The scope of the agreement is wider than a contract because it covers all types of
agreements as well as contract. On the Contrary, the scope of a contract is relatively
narrower than an agreement because it covers only the agreement which have legal
enforceability
Ex: Mohan and Rishi decided to go for lunch on Sunday. Mohan did not come for lunch,
and this resulted in the waste of rishith time. Now Rishi cannot compel Mohan for the
damages as the decision to go for the lunch is not contract but a domestic agreement
Ex: varun promises his younger brother Arjun to pay his debts, and the agreement was
in writing as well as registered. This is a valid agreement can be enforceable