Answer Posted / nihar kanta swain

A contract is an agreement between parties that will legally
enforceable.
A simple "agreement" is an arrangement between the parties
which may or may not contain the necessary elements to be
enforceable before a court of law.

A valid contract must contain the seven valid elements which
are:
• Offer
• Acceptance
• Consideration
• Intention
• Form
• Genuine consent
• Legality

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