Final answer:
The bill of lading is the document that serves as a formal contract between two parties, detailing the terms of shipment and serving as a legal guarantee for the delivery and condition of the goods.
Step-by-step explanation:
The document that represents a formal "contract" between two parties in the choices provided is the bill of lading. A bill of lading is a legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being carried.
It serves as a shipment receipt when the carrier delivers the cargo at the predetermined destination. This document guarantees the carrier will deliver the goods to the assigned destination in good condition and stipulates the terms for transporting the cargo. Therefore, the bill of lading is a legally binding contract between the carrier and the shipper regarding the transportation of goods.