What is an agreement between two or more parties called?

An agreement between two or more parties is termed a contract. A contract is a legally enforceable agreement that outlines the rights and obligations of the parties involved. It can cover a variety of agreements, such as those related to employment, services, or sales. The essential elements that make a contract valid typically include an offer, acceptance, consideration (something of value exchanged), mutual consent, and the capacity of the parties to enter into a contract.

While "memorandum" refers to a written record of something, often for internal purposes, it does not inherently imply the same legal enforceability as a contract. The term "agreement" on its own can describe a variety of arrangements and understandings but does not necessarily carry the formal legal weight that a contract does. A "clause" is a specific provision or section of a contract or legal document, not the overall agreement itself. Thus, "contract" is the most precise term to describe the legally binding arrangement between parties.