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The legal parts of a contract are known as âtermsâ. An employer should make clear which parts of a contract are legally binding. Contract terms could be: 1  in a written contract, or similar document like a written statement of employment. 2  verbally agreed. 3  in an employee handbook or on a company notice board.
In essence, a contractâs outline is more formal and more rigidly presented than the terms outlined in an agreement. A contract is a legally binding agreement reached between two parties, the terms of which the courts have the authority and obligation to enforce. An agreement is a less formal creation of an obligation between the two parties. An agreement usually lacks one or more of the essential elements that are required to be present in order to form a valid contract that will be considered legally enforceable by a court of law.