What Is the Key Difference Between an Agreement and a Contract

question 36

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 needs only to be accepted by a majority of people involved.
• D) A contract need not be legally binding, while an agreement must be legally binding.

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Definitions:

Visibility to Management

The extent to which managers have insight or visibility into the day-to-day operations, performance metrics, and strategic data of the organization.

Senior Manager

A high-level executive responsible for overseeing the operation of a department or organization, contributing to strategy and policy making.

Frontline Emissary

An individual representing a company or brand, directly interacting with customers and acting as a brand ambassador.

Long-Term Perspective

An approach that focuses on achieving goals and objectives over an extended period, emphasizing sustainability and long-range planning.