Agreements and Contracts

The terms "agreements" and "contracts" are often used interchangeably, but they have distinct legal implications and characteristics. An agreement is a mutual understanding or arrangement between two or more parties about their rights and responsibilities. It can be informal and may not necessarily be legally binding. In contrast, a contract is a specific type of agreement that is legally enforceable. It requires certain elements to be valid and binding in a court of law.

• Oral Agreements: Verbal understandings between parties, without written documentation.
• Written Agreements: Agreements that are documented in writing, providing clear terms and conditions.
• Implied Agreements: Agreements formed by the actions, behavior, or circumstances of the parties rather than written or spoken words.
• Express Agreements: Clearly stated agreements where terms are explicitly communicated between parties, either orally or in writing.
• Unilateral Agreements: An agreement where one party makes a promise in exchange for an act by another party. The contract is formed when the act is performed.
• Bilateral Agreements: An agreement where both parties make mutual promises to perform certain actions.
• Executed Agreements: Agreements that have been fully performed by all parties.
• Executory Agreements: Agreements in which some future performance is still due from one or both parties.
• Void Agreements: Agreements that are not enforceable by law and have no legal effect.
• Voidable Agreements: Agreements that are valid and enforceable unless one party chooses to void them.
• Enforceable Agreements: Agreements that meet all legal requirements and can be enforced in a court of law.
• Unenforceable Agreements: Agreements that, while valid, cannot be enforced due to some legal technicality.
• Non-Disclosure Agreements (NDAs): Agreements to keep certain information confidential.
• Memorandum of Understanding (MOU): A document outlining the broad terms of an agreement, often used in preliminary negotiations.
• Partnership Agreements: Agreements that outline the terms and conditions of a business partnership.
• Licensing Agreements: Agreements where one party allows another to use its property, typically intellectual property, under certain conditions.
• Franchise Agreements: Agreements allowing one party (the franchisee) to operate a business using the branding and business model of another party (the franchisor).