"Agreement" and "contract" are used interchangeably by many lawyers. There is a distinction between:
- a legally-enforceable exchange of promises / value; and
- the document or documents setting out the substantive provisions of that exchange of promises / value.
The former can be described as a "contract" or "agreement", as can the latter.
However, "terms of agreement" - like "terms and conditions" - would usually refer only to the latter (or a part of the latter).
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