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All Agreements Are Not Contract but All Contracts Are Agreement

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Submitted By ksteel15
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we say all contracts are agreements but not all agreements are contracts because an agreement may not be enforciable by law while a contract is beyond mere agreements SINCE A CONTRACT IS ENFORCIABLE BY LAW. this is because, in order for it to be termed "contract" it must have certain elements such as offer and acceptance, consideration, permissible subject matter, legal age and mental ability to enter into a contract and finally one must have an intention to form a contract.

Capacity of the parties to enter into contractual agreement. Anyone can enter into a contract, except minors, certain felons and people of unsound mind. The contract must identify who the parties are; usually names are sufficient, but sometimes addresses or titles may be used. In sales agreements, for example, in addition to names, "seller" and "buyer" are sometimes used to further describe the parties.
Consent. A valid contract also requires the parties' consent, which must be free, mutual and communicated to each other. Consent is not free when obtained through duress, menace, fraud, undue influence or mistake. Books have been written about the complexities of those factors. Obviously, a person who signs a contract because there's a gun pointed at his head hasn't consented to the agreement and can rescind it. All cases, of course, are not that clear-cut, and the law must applied to each individual case. Also, consent isn't mutual unless the parties agree on the same thing in the same sense. This is often referred to as a "meeting of the minds." Generally, there's an offer and an acceptance communicated by the parties.
Lawful Object. The thing being agreed to is also known as the object or subject. It must be lawful, possible and definite. A court, for example, will not enforce a contract to perform an illegal act. Drug deals often go wrong, but a person who pays for drugs that aren't

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