Legal Question in Business Law in California

A contract is nothing different from an agreement except it is an agreement that meets the criteria to be legally enforceable. You don't provide enough facts to determine whether the agreement is an enforceable contract. You also don't mention whether you mean real estate, or personal property. If personal property there may be an enforceable bailment even if there is no contract.

A contract is a promise or set of promises, the breach of which the law gives a remedy. Contracts are agreements, but you do not provide any details to indicate that the agreement is enforceable.