Explain the differences between an Interface and an Abstract Class in .NET.

An interface merely declares a contract or a behavior that implementing classes should have. It may declare only properties, methods, and events with no access modifiers. All the declared members must be implemented.

An abstract class provides a partial implementation for a functionality and some abstract/virtual members that must be implemented by the inheriting entities. It can declare fields too.

Neither interfaces nor abstract classes can be instantiated.