What is a signed, written agreement between two or more parties to perform some action?

What is a signed, written agreement between two or more parties to perform some action?

• A. Policies Document
• B. Covenant
• C. Agreement
• D. Contract

Answer: (D)

The correct answer is that a signed, written agreement between two or more parties to perform some action is referred to as a contract. A contract establishes the terms and conditions that all parties consent to abide by, which can encompass a wide range of agreements, including but not limited to employment, services, sales, and leases. The formal nature of a written contract provides clarity and legal enforcement, ensuring that the expectations and responsibilities of each party are clearly documented and can be upheld in a court of law if necessary. In contrast, while a covenant can also reflect an agreement between parties, it often has connotations of moral obligation or community standards rather than a strictly enforceable legal agreement. Policies documents are generally guidelines or principles rather than binding agreements, and the term agreement is somewhat more general, encompassing informal or non-enforceable understandings. Therefore, the specificity and legal enforceability of a contract distinguishes it as the most appropriate term for a signed, written agreement intended to compel performance.

The correct answer is that a signed, written agreement between two or more parties to perform some action is referred to as a contract. A contract establishes the terms and conditions that all parties consent to abide by, which can encompass a wide range of agreements, including but not limited to employment, services, sales, and leases. The formal nature of a written contract provides clarity and legal enforcement, ensuring that the expectations and responsibilities of each party are clearly documented and can be upheld in a court of law if necessary.

In contrast, while a covenant can also reflect an agreement between parties, it often has connotations of moral obligation or community standards rather than a strictly enforceable legal agreement. Policies documents are generally guidelines or principles rather than binding agreements, and the term agreement is somewhat more general, encompassing informal or non-enforceable understandings. Therefore, the specificity and legal enforceability of a contract distinguishes it as the most appropriate term for a signed, written agreement intended to compel performance.