A contract is a legally binding agreement between two or more parties that outlines specific terms and conditions. 

• Mutual assent, or a “meeting of the minds.”
• Offer and acceptance.
• Consideration.
• Capacity to contract.
• Legality of contract.

An agreement, on the other hand, is a broader term that refers to a mutual understanding or arrangement between parties, which may or may not be legally enforceable.

 In essence, all contracts are agreements, but not all agreements are contracts.

A legal agreement can be informal, meaning nothing needs to be witnessed or written down. 

A contract, on the other hand, is both more formal and legally binding—which means it must be documented. Both an agreement and contract represent specific arrangements between two and more parties 

Contracts require consideration, which is something of value exchanged between the parties,

 while agreements may not necessarily involve consideration.

Contracts often require certain formalities, such as being in writing and signed by the parties, depending on the jurisdiction and the nature of the agreement

 Agreements can be oral or implied through conduct.