What is the legal term for an agreement between parties that is enforceable by law?

The legal term for an agreement between parties that is enforceable by law is a contract. A contract encompasses the essential elements required to create a legally binding obligation, which typically includes an offer, acceptance, consideration, and the intention to create legal relations.

While "agreement" may refer to any type of understanding between parties, it does not necessarily imply enforceability; many agreements may not meet the specific legal criteria to be classified as contracts. A "memorandum" is often a written record of an agreement or an understanding but does not inherently denote enforceability. A "clause" is a component or provision within a legal document, such as a contract, that addresses particular points or stipulations but does not represent an agreement on its own. Thus, contract is the precise term that conveys both the mutual assent of the parties and the enforceability aspect defined by law.