What is the difference between a ‘contract’ and an ‘agreement’?

Question by ansy: What is the difference between a ‘contract’ and an ‘agreement’?
E.g. Is the type of document that is concluded between producers or producer organizations and buyers a contract or an agreement?

Best answer:

Answer by badd302
They are both basically the same thing, but a contract is more of a formal document. An agreement can be something simple, but in the end, they are both contracts. Usually the more formal things will clearly say on it, Contract. So, the document probably used between producers and producer organizations is a contract that is an agreement amongst the individuals involved. Hows that?

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