What is the purpose of a contract? What distinguishes a contract from other forms of agreement...
What is the purpose of a contract? What distinguishes a contract from other forms of agreement or other exchanges of promises?
Homework Answers
A contract is a legal document binding parties on a agreement creating a legal obligation for the parties to perform the contract and it is enforced by the court. The purpose of contract is to make a agreement between parties about their roles and duties to be performed.
The basic difference between the contract and the agreement is that a contract can have the exchange of promises from both the parties and it is legally binding and can be enforced by court. agreement is a mere acceptance of one party from another party.
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