“All contracts are agreement but all agreements are not contracts” is an old saying but what does it actually means. It implies the legal worth and binding potential of the two documents. While Agreement does not bind us legally, the contract does. But, those agreements which have a legal binding are contracts.
When proposal or the offer is accepted by the acceptor it is an agreement between the two. When this agreement is converted into a document to make the entire content viable and enforceable in law, it is called contract. It can also be defined as, the contract which lacks enforceability by law is known as the agreement and an agreement which is enforceable in law is contract. For contract a consideration is mandatory.
Deed is a document which transfers the ownership or rights of ownership or title or rights to title temporarily or permanently. Deed may be a Quitclaim Deed, Grant Deed or Warranty Deed. A deed must always be notarized.
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