A project charter is similar to a contract in many ways, but there are some differences between the two documents. How are project charters different from contracts?

a$.$ One party cannot arbitrarily change a contract, whereas the project sponsor does have the authority to change the charter.

b$.$ Contracts and project charters are entered into freely.

c$.$ In both a project charter and a contract there is something of value for both parties.

d$.$ Both the charter and contract are living documents that can evolve with changing conditions.