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    Consuting Contract

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    Priyanka Roy Chowdhury
    The document discusses the differences between agreements and contracts. An agreement is a promise between two or more parties, but it is not necessarily legally enforceable. A contract is a specific type of agreement that is legally binding and enforceable in court. For a contract to be valid, it must include elements like offer and acceptance, consideration, and intent to be legally bound. While some agreements like NDAs function as contracts, not all agreements meet the criteria to be considered contracts.

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    Consuting Contract

    Uploaded by

    Priyanka Roy Chowdhury
    39 views8 pages
    The document discusses the differences between agreements and contracts. An agreement is a promise between two or more parties, but it is not necessarily legally enforceable. A contract is a specific type of agreement that is legally binding and enforceable in court. For a contract to be valid, it must include elements like offer and acceptance, consideration, and intent to be legally bound. While some agreements like NDAs function as contracts, not all agreements meet the criteria to be considered contracts.

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    The document discusses the differences between agreements and contracts. An agreement is a promise between two or more parties, but it is not necessarily legally enforceable. A contract is a specific type of agreement that is legally binding and enforceable in court. For a contract to be valid, it must include elements like offer and acceptance, consideration, and intent to be legally bound. While some agreements like NDAs function as contracts, not all agreements meet the criteria to be considered contracts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    39 views8 pages

    Consuting Contract

    Uploaded by

    Priyanka Roy Chowdhury
    The document discusses the differences between agreements and contracts. An agreement is a promise between two or more parties, but it is not necessarily legally enforceable. A contract is a specific type of agreement that is legally binding and enforceable in court. For a contract to be valid, it must include elements like offer and acceptance, consideration, and intent to be legally bound. While some agreements like NDAs function as contracts, not all agreements meet the criteria to be considered contracts.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    Consulting Contract

    Agreement
    • The terms “agreement” and “contract” are often used
    interchangeably, but they aren't necessarily the same thing.
    • A contract is a specific agreement – usually in writing and signed –
    with terms and conditions that are enforceable in court.

    • An agreement may fall short of being an enforceable contract

    • All contracts are agreement but all agreements are not contract.
    • An agreement is a promise or arrangement between two or more
    parties to do, or not do, something.
    • It’s usually informal and sometimes unwritten (but not always).

    • Some examples of agreements include a letter of intent, or a


    confidentiality agreement that precedes a commercial discussion.
    • Like an agreement, a contract is a formal arrangement between two
    or more parties to do, or not do, something.
    • But its terms and conditions are legally enforceable - perhaps in
    court or through arbitration.
    • That means if someone breaks them, the other party can seek legal
    redress.
    • Contracts are valid if they contain all the required
    elements of a contract, and once all the parties have accepted the
    terms (which usually means signing the contract).
    A contract must always have
    • Offer and acceptance
    • Consideration
    • Intention to be legally bound
    • Contractual capacity
    • Agreements vs contracts: examples
    •.
    • A non-disclosure agreement or NDA – despite being called an agreement,
    NDAs are often contracts and are enforceable in court
    • An employee offer letter – although this isn’t called a contract or an
    agreement, it is in fact a contract (because it contains all the elements
    needed, including consideration i.e. a salary)
    • A master services agreement – this is another one that, despite being called
    an agreement, is a contract. That’s because it sets out the consideration,
    offer, acceptance, and so on that will form part of a business’ relationship
    with its client
    Written contract
    • A legally binding written contract is an agreement which is valid and
    therefore enforceable. It means that when parties sign the written
    contract, they are expected to fulfil their obligations under it. ... This
    minimises the risk of a dispute by ensuring you and the other party
    are on the same page.
    • a contract for sale of property, a two-year car lease, property, and
    medical insurance contracts are written contracts.
    • Written contracts are legally binding and easier to enforce than oral
    contracts. In a written contract, one party agrees to perform a
    service or provide a product, and the other party agrees to certain
    payment terms. The terms of written contracts can vary from one
    contract to another.

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