What is the difference between a law and an agreement?
An agreement often involves two or more private individuals or organizations. Whereas a law is a decree made by the government that is binding on all people included in its jurisdiction.
A law is a set of rules of conduct that are binding on everyone or a specific group of people and are adopted by a legislature. The only input from citizens is through letters to their congressional representatives or from lobbying interest groups. The goal of the law is to safeguard persons against unlawful or overreaching actions. An example would be the Fair Labor Standards Act, which governs working conditions.
A contract or agreement is a legally binding arrangement reached via negotiation between two or more people or entities, wherein each imposes a benefit on the other. Contracts may not be made with someone who lacks the legal or mental ability to enter into an agreement or for criminal purposes like the acquisition of illegal narcotics. Contractual breaches may be enforced in court, entitling the non-breaching party to seek monetary compensation or the particular performance of the agreement.