An agreement is a document elucidating the rights and obligations of two parties to enter into an arrangement, usually to get a particular task done. An agreement lists out many things depending upon the nature of purpose which is sought to be achieved through the arrangement between the parties. An agreement comprises of standard, statutory and customized clauses. All the three kind of clauses have their own significance and are required in an agreement to make it valid in the eyes of law. A contract on the other hand is nothing but an agreement enforceable by law. Most of the time, the terms are used interchangeably, but it doesn’t mean that they are one and the same thing.