Hi Hemal
EJB object is a distributed object that extends the remote interface of the bean you have created there by extending all methods and behaviour of the javax.ejb.EJBObject(this is on the server side). The EJB object works with the container to give the facilities of transaction,security, pooling and all other system level operations of the bean at runtime.
EJB or the bean deployed is a serverside component implementing business methods(logic)
Container is where you store and deploy your EJB(vendor dependant) which provides you the system level operations.
So there exists contract between EJB & Container
Container & Server
Client & Container
Java beans are visually manipulated re-usable client side components. They are in-process components.
Hope it helps
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Suneel