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The video discusses the difference between agreements and contracts, explaining that while every contract is an agreement, not all agreements are contracts. Non-binding agreements can exist between parties even if not intended to be binding. For a contract to be valid, it must be made by parties competent to contract, for lawful consideration and with a lawful object. Contracts can be oral or written, and must include an offer, acceptance, valid consideration, and an intention to create legal relations. Like, share, and subscribe for more content.
