Class is a template(type) or blue print its state how 
objects should be and behave. eg consider a construction 
plan which is a class with this description mentioned in a 
plan we can constructs 'n' number of buildings of same type.
these buildings are consider to be an objects come under 
same type of that plan.
Object is defined as a software construct which binds data 
and logic or methods(functions)together.

Class is templet for an object.Object is an instance of a class.

OBJECT 

A software bundle of related state and behavior. Stores the 
state in fields and express its behavior through methods. 
The methods operate on an object's internal state. Object 
is a Physical reality.

CLASS

We can define a class as a blueprint from which the 
individual objects are created. Uses a new operator to 
create the instance of the class. Class is a logical 
construct.

Hi... Class is a blue print of an object,which is non-live 
entity.
Object is instance of class,which is a live entity.

example:  Employee is a class
          Fruit is a class
but 
          DEVARATHNAM is an object
          ROSE is an object

class is the template for members and methods
Object is the physical reality to access the members and 
methods

Actually object is an obstraction of something in a problem 
domain which reflecting the capabilities of a system to 
keep information about it.

Class:
Is another kind of data type in oops like structure.
It is static in nature during program execution.

Object:
It is like variable of type class for accessing member 
variables and methods.
Objects are dynamic in nature during program execution.
Can be constructed and destroyed.

class is a blueprint/framework which has no physical 
existance and it is collection of similar properties and 
behaviour of objects.
object is nothing which has physical existance, own 
behaviour and properties.
it is also known as instance of class.
ex:Employee is a class and ram is aobject of this class.

In an Object Oriented world, 'Human being' is a CLASS 
whereas, all of us are objects! :-)

clas is a user defined data type and object is a basic run 
time entity of class. class contain any no of object but 
object belongs to single class.

Class cannot be passed as a prameter or orguments,
But object can be passed as argument or parameter.