QUESTION $1$

What is the difference between an agreement and a contract?

An agreement results whenever two people's minds meet on a subject, but a contract only exists when the parties intend to be legally obligated by the terms of the agreement.

An agreement must be put in writing, whereas a contract may be made orally.

An agreement is binding for a shorter period of time than a formal contract.

An agreement may be made for an unlawful purpose, whereas a contract must be made for a lawful purpose.