b) All contracts are agreements but all agreements are not contracts.

In the realm of international business, the understanding of contracts and agreements is paramount as they form the foundation of legal relationships between parties involved in various transactions. The statement "All contracts are agreements but all agreements are not contracts" encapsulates a fundamental principle of contract law. To dissect this statement in the context of the international business environment, it's crucial to define both contracts and agreements, elucidate their differences, and explore the implications for international business dealings.

### Contracts vs. Agreements:

1. Contracts:
   A contract is a legally binding agreement between two or more parties that entails certain obligations enforceable by law. For a contract to be valid, it must meet certain criteria, including:
   - Offer and Acceptance: There must be a clear offer made by one party and an unequivocal acceptance of that offer by the other party.
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