A contract is a legally binding agreement or relationship that exists between two or more parties to perform or refrain from committing certain acts. A contract can also be defined as a legally binding exchange of promises between two or more parties, which the law will enforce. In order for a contract to be concluded, it is necessary to guarantee an offer that accepts it, which must be taken into account. Both parties must intend to establish legal relationships in a legal case that must be freely regulated and can be implemented. An agreement is a form of cross-reference between the different parties, written in writing, orally and based on the honour of the parties for their accomplishment, rather than being enforceable in one way or another. All contracts are an agreement because there must be mutual understanding between two parties for a contract to be concluded. Question: All contracts are contracts, but not all contracts are contracts? OR are you discussing the rule for forming a valid contract when a contract is concluded? „Reflection” can be an action (doing something) or indulgence (doing nothing) or a promise to do or not to do anything, as defined in the case of Curie v. Misa (1875) LR 10 Exch 153The consideration „may consist of a right, interest, profit or benefit that amounts to one party, or a certain leniency, indulgent, loser or liability given, suffered or assumed by others.” It can be adopted, present or future. But only considerations that are „legal” are valid. Lord Dunedin in the case of Dunlop Pneumatic Tyre Co. Ltd v. Selfridge – Co.
Ltd (1915) AC 847 gave a complete definition of reflection as „an act or indulgence of a party, a promise of it is the price for which the promise of others is purchased … „. For a contract to become a contract, it must have a legal obligation and, if it is not able to do so, it is not a contract. In the case of Balfour v Balfour  2 KB 571, Mr. Balfour promised to pay 30 pounds a month to his wife, who remained in England for medical reasons. When he did not pay, Ms. Balfour sued him. Their appeal failed because there was no intention to enter into a legally binding agreement between Mr and Mrs Balfour. A contract cannot be concluded without an appropriate indication of the legal rights and obligations of the contracting parties. Therefore, if it were a contract, the wife would have been entitled to the payment and the husband would have had a duty to pay his wife. This makes an agreement longer than a contract. In a Venn diagram, chords are a wider circle than contracts, which is a smaller circle and part of it.
The Indian Contract Act of 1872 can be interpreted as covering all possible agreements and contracts. However, in many cases, whether or not an agreement is a contract depends on the facts and circumstances. In short, all legally enforceable agreements become contracts. As a result, there may be agreements that are not contractual, but there cannot be contracts that are not agreements. This article was written by Diganth Raj Sehgal, a student at the Christian University, Bangalore. In this article, he explained how all contracts are, but not all agreements are contracts. As long as the goods or services provided are legal, any verbal agreement between two parties may constitute a binding legal contract. However, the practical restriction is that, as a general rule, only parties to a written agreement have essential evidence (the written contract itself) to prove the actual conditions that were issued at the time the contract was concluded.