Contract
1. A Contract is defined under Sec.2(h).
2. A Contract is an agreement enforceable at law.
3. Its scope is limited.
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4. Only valid agreement are called
5. A contract is enforceable.
6. A contract arises out of an agreement. Therefore, a contract includes an agreement.
7. A contract must have all the essentials of a valid contract like consideration, capacity, free consent, etc.
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Agreement
1. An agreement is defined under Sec.2(e)
2. Every promise or set of promises forming consideration for each other is an agreement.
3. Its scope is very wide.
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4. An agreement and be both legal or illegal
5. An agreement may or may not be enforceable.
6. An agreement does not arise out of a contract. Therefore, an agreement does not include a contract.
7. An agreement has only an offer and its acceptance. It need not have other essentials.