Contract is the legally technical term. If an offer is accepted and there is the consideration, then it is technically called a contract.
Agreement, as a legal term is as definite as contract. Every contract is an agreement since the parties consent the same thing. However, not every agreement is a contract, because there are no legally specified elements required for an agreement. An mutual recognition of wills may be an agreement.
In practice, many contracts are named agreement. This approach is not false but just fails to be sufficiently definitive. It is usually the lawyer's job to find out whether a so-called agreement is technically a contract or not.
Agreement, as a legal term is as definite as contract. Every contract is an agreement since the parties consent the same thing. However, not every agreement is a contract, because there are no legally specified elements required for an agreement. An mutual recognition of wills may be an agreement.
In practice, many contracts are named agreement. This approach is not false but just fails to be sufficiently definitive. It is usually the lawyer's job to find out whether a so-called agreement is technically a contract or not.
