As an economic means, the treaty is based on the concept of consensual exchange and has been the subject of in-depth economic, sociological and anthropological discussions (see “contract theory” below). In American English, the term goes beyond legal meaning and encompasses a broader category of agreements.  “A legally enforceable agreement is a contract.” 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. An agreement between spouses reached during their marriage to determine the right to assistance and the property of the other in the event of death or divorce. Such agreements are not applicable unless each party makes a full disclosure of its assets and consults with its own lawyers. Even then, most of these agreements are unenforceable unless they are entered into by spouses in the midst of separation or divorce. As noted above, an agreement on the conclusion of a contract must be subject to a legal obligation. If an agreement is not legally applicable. It is not a contract.
There are certain types of contracts that are explicitly cancelled by the Indian Contracts Act of 1872. Here are some of the agreements that are not applicable in the eyes of the law: a contract is a legally binding agreement that exists between two or more parties to do or not to do something. An agreement begins with an offer and ends for compensation, but a contract must achieve another objective, that is, applicability. As a result of this violation, the aggrieved person can appeal against the culprit. So we can say that all contracts are an agreement, but not all agreements are contracts. A law-free contract has no legal effect. An illegal contract, such as the nullity contract, has no legal value between the direct parties, but it has the effect of ensuring that the transactions are tainted with illegality and thus become enforceable. 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 lawyer Sir John William Salmond, a contract is “an agreement that creates and defines obligations between two or more parties” A contract is an agreement that establishes and explains liability between the parties.