Is a terms of agreement the same as a contract?

"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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