What is the Difference between Early binding and Late binding ?

Early binding means that our code directly interacts with the object, by directly calling its methods. Since the compiler knows the object's data type ahead of time, it can directly compile code to invoke the methods on the object. Early binding also allows the IDE to use IntelliSense to aid our development efforts; it allows the compiler to ensure that we are referencing methods that do exist and that we are providing the proper parameter values.

Late binding means that our code interacts with an object dynamically at run-time. This provides a great deal of flexibility since our code literally doesn't care what type of object it is interacting with as long as the object supports the methods we want to call. Because the type of the object isn't known by the IDE or compiler, neither IntelliSense nor compile-time syntax checking is possible but we get unprecedented flexibility in exchange.