What is the key difference between an agreement and a contract?

Question

Quizplus · Accepted Answer

The key difference between an agreement and a contract is that a contract is always enforceable in the court of law, while an agreement may or may not be. This is because a contract involves the exchange of promises that are legally binding, whereas an agreement may only involve a non-binding expression of intent. Therefore, for a contract to be valid, all parties must have mutual assent and the terms of the contract must be legally enforceable.

What Is the Key Difference Between an Agreement and a Contract