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\"It has been contended that all contracts must be agreements but not all agreements need to...

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Psychology

\"It has been contended that all contracts must be agreements butnot all agreements need to be contracts\"

Comment on the validity of this statement.

Support with references.

Answer & Explanation Solved by verified expert
4.0 Ratings (705 Votes)
It has been contended that all contracts must be agreements but not all agreements need to be contracts This statement is valid in my humble opinion but before I support this with references I would like to briefly explain the two terms Contract Agreement A contract is a legally binding agreement or relationship that exists between two or more parties to do or abstain from performing certain acts There must be offer and acceptance for a contract to be formed An offer must be backed by acceptance of which there must be consideration Both parties involved must intend to create legal relation on a lawful matter which must be entered    See Answer
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