What Is the Key Difference Between an Agreement and a Contract

question 73

Multiple Choice

What is the key difference between an agreement and a contract?

• A) A contract is always enforceable in the court of law, while an acceptance may or may not be.
• B) A contract can only be between two individuals, while an acceptance can have two or more people involved.
• C) A contract requires mutual assent from all parties, while an acceptance only requires a majority approval.
• D) A contract need not be legally binding, while an agreement must be legally binding.

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Definitions:

Strategic Intent

The long-term vision that defines a company's aspirations and determinates its strategy to achieve competitive advantage.

Strategy

A plan of action designed to achieve a long-term or overall aim.

Consistent

Marked by harmony, regularity, or steady continuity, free from variation or contradiction.

Oligopoly Environment

A market structure characterized by a small number of firms that dominate the market, leading to limited competition.