When there is a contract, there will always be an obligation but when there is obligation, there isn't always a contract. A contract is a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service. Without consent of the parties, there is no contract. Parties can stipulate waiver of such elements.
When there is a contract, there will always be an obligation but when there is obligation, there isn't always a contract. A contract is a meeting of minds between two persons whereby one bin…