There was nothing baring knights from becoming lords. A knight could become a lord if the opportunity came.
A lord could also become a knight, but passing through the standard procedures to do that.
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The types of achievements or things needed to become a knight include that they had to be holy and they had to become a squire and help the lord fight in battle and if the squire was old enough and the lord thought it was time he would become a knight so the squire would go home and take a bath and pray until the next day when he becomes a knight then the lord will ask the squire why do you want to become a knight and if the lord thinks it is a good answer then the squire would put on an armor suit and put his sword around his chest and the lord would take a sword and tap his shoulders three times while saying"I appoint thee Edward James a Knight'' And that is how you would become a knight.
The knights were originally the heavy cavalry. The word knight came to be a title, usually given by a monarch, and was regarded as the lowest level of the nobility. A vassal was a person who had a relationship of mutual obligation with a lord. The vassal sword loyalty and obedience, and the lord granted land and protection in exchange. A vassal could be a knight, and a knight could be a vassal, but there was nothing saying they had to be.
The first stage of becoming a Knight was to serve a Lord as a page for seven years from the age of 7, learning a host of basic skills.
The lord would tap on the squire's shoulders to announce that he is now a knight, but in the early middle ages the lord would hit the squire hard enough to knock him over.
In the feudal system during and after the Middle Ages, a "knight" was the level below the nobility, who were the level below the king. A "vassal" was granted the use of land in exchange for fealty to a noble or knight. The noblemen directly under the king were called the "barrens" (from which the title baronderives).