“All contracts are agreements, but not all agreements are contracts.” This statement can be understood from the Venn diagram above. The agreements, which are enforceable under the law of the country, become contracts designated by the inner circle. The outer circle refers to agreements that are not contracts. The shady part includes agreements that are not enforceable by law and are referred to as non-legal agreements. Legally, a contract is a legally binding agreement between two or more parties which, if it contains the elements of a valid legal agreement, is enforceable by law  or by binding arbitration. A legally enforceable contract is an exchange of specific commitments and remedies in the event of an infringement. These may be compensatory funds for which the defaulting party is required to pay funds that would otherwise have been exchanged in the case of a contract, or an appropriate remedy, such as the special benefit, in which the person who entered into the contract is required to take the specific act that he did not perform. There are certain agreements that are expressly cancelled. They are written as follows: (1) Agreement by a minor or an unhealthy-minded person. [Sec.11] (2) Agreement whose consideration or purpose is unlawful [p.23)] (3) Agreement reached as a result of a bilateral factual error essential to the agreement (4) Agreement whose consideration or purpose is partially unlawful and the illegal part cannot be separated from the legal part [p.24] of the Agreement. No quid pro quo. [Sec 25)] (6) Agreement on the Limitation of Marriage [s.26)] (7) Trade Restriction Agreement [S.S.27)] (8) Agreement on the Limitation of Judicial Procedures [p.28)] (9) Agreement, whose meaning is uncertain [S.
(29)] (10) Agreements as a commitment [p.30)] (11) Agreements that depend on impossible events [S.S.36)] (12) Agreements on Impossible Acts [Sec (56)] Betting contract: in Bombay, presidential betting contracts are legally illegal , and the corrupted guarantee of transactions invalidate the subjects. In the rest of India, betting contracts are only null and final and warranty contracts are therefore not affected. 5. Hans Wehberg, Pacta Sunt Servanda, The American Journal of International Law, Vol. 53, No. 4 (Oct., 1959), 775.; Trans-Lex.org principle of sanctity of the promise treaties:- Promise is an important part of the agreement. A proposal, if passed, becomes a promise. Treaties and agreements are linked in many ways. The treaties mean that, in some areas, the agreement is such that it is whether or not it is national or international aspects of the agreements. By extension , the contract is an agreement between two or more competent parties, in which an offer is made and accepted and each party benefits from it. The agreement can be understood formally, informally, in writing, orally or simply clearly. Some contracts must be entered into in writing to be enforced.
Examples of a contract are a lease, a change of contract or a lease.  According to the jurist Sir John William Salmond, a contract is “an agreement that creates and defines obligations between two or more parties” Therefore, in accordance with Article 10 of the Act, the following conditions must also be essential to become a valid contract:- Traditionally: “An agreement that is not applicable by law is considered null and void.”