What is the difference between a covenant and a contract?

A covenant and a contract are both legally binding legal agreements between two or more parties. The main difference between them is the way in which they are enforced. A contract is a legally enforceable agreement that involves one or more parties entering into a binding agreement for the exchange of something of value, such as money, property, or services. In Virginia, a contract must meet certain requirements to be legally enforceable under common law. These requirements include an offer, acceptance, consideration, and legal capacity to contract. A covenant is a promise or an agreement between two or more parties wherein one party promises to do something for the benefit of the other. Covenants generally involve promises to refrain from certain acts or to undertake certain obligations. Covenants are not strictly legal obligations and are not always enforceable under the law, but they are generally considered binding if they are not broken. Covenants are enforced by the courts, who have the power to award damages should the covenant be broken. In summary, the difference between a covenant and a contract is that a contract is a legally enforceable agreement and a covenant is a promise or agreement between two or more parties which may or may not be enforceable under the law.

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