A contract assumes that certain elements are included to become binding. It should be universally accepted. A contract is plausible and it is possible that all parties agree to abide by the agreed terms. An agreement is an agreement or agreement between two or more parties. A contract is a particular type of agreement that, by its terms and elements, is legally binding and enforceable in court. Agreements and contracts are similar, but it`s certainly not the same thing. Both have their advantages and disadvantages and are useful in different situations. If you know what works best for everyone, you can decide when it`s time to use a contract and when it`s normal to rely on an agreement. .