Which of the following statements is correct in respect to the nature of a contract?
A)All agreements are legally enforceable contracts.
B)Not all contracts are agreements.
C)The terms 'contract' and 'agreement' mean the same thing.
D)A contract is a type of agreement.

Question

Quizplus · Accepted Answer

A contract is a type of agreement that is legally binding and enforceable. Therefore, not all agreements are contracts, but all contracts are agreements. The terms 'contract' and 'agreement' are often used interchangeably, but legally, a contract involves specific elements such as offer, acceptance, consideration, and intention to create legal relations.

Which of the Following Statements Is Correct in Respect to the Nature