Indian Polity · Polity
Which of the following statements correctly identifies a fundamental distinction between a contract and an agreement?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A contract is exclusively used for social promises, whereas an agreement mandates a bargained-for exchange to establish court enforceability.
- 2A contract creates legal obligations and legal enforceability, whereas an agreement can be an informal social arrangement lacking legal remedies.✓
- 3An agreement inherently binds parties to fulfill specific actions, whereas a contract is a mere mutual understanding without obligations.
- 4A contract may lack a clear intention to create legal relations, whereas an agreement strictly requires it.
Correct answer
A contract creates legal obligations and legal enforceability, whereas an agreement can be an informal social arrangement lacking legal remedies.
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