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What are the differences between a contract and an agreement?
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The most important difference between a contract and an agreement is that a contract requires the parties to legally bind themselves, while an agreement does not. A contract also typically involves more complex and specified terms than an agreement. A contract is typically signed by all parties involved, where an agreement may be more informal and not require a signature from all parties. A contract typically carries more serious consequences in the event of breach, while breach of an agreement is less likely to have legal implications.