Freelance and contract, though appear to be same have some difference between them. There are some changes when it comes to their ownerships and contract.
Although both show sameness in the area of relationship between the service provider and the employer the nature of the relationship differs. Generally freelancing jobs are not bound by contracts. A contract on the other hand is bound by time.
Stable income is possible in the case of a contract whereas stable income is not indeed possible in the case of freelance. You tend to get the ownership of a project as a whole in the case of a contract. On the other hand you are not entitled to get the ownership of the project in the case of freelance.
It is interesting to note that you can make more money in freelance rather than in a contract. Although the income is stable in a contract it is not as high as in freelance. It is possible to get small bits of work in the case of freelance. These bits of work can be done from the comfort of your home.
You cannot expect small bits of work in the case of a contract. In many cases you may not be in a position to enjoy the comforts of working from home. You are not limited to choosing the freelance jobs whereas you are limited to choosing contracts.
Freelancing jobs can still be done even though you are working with a company on a contract. This is the one advantage of freelance. The greatest advantage of a contract is of course the ownership of the project. Another advantage of contract is that it has the ability to turn into a full-time employment with the company. Freelance is not permanent though. You tend to take freelancing jobs as and when they are offered.