Final answer:
A contract is a legally binding agreement enforceable by law that specifies the rights and obligations of the parties involved. An employment contract, for example, outlines the terms and conditions of employment between an employee and employer.
Step-by-step explanation:
A legally binding agreement between two or more parties is known as a contract.
Contracts are enforceable by law and specify the rights and obligations of each party involved.
For example, when you sign an employment contract, you and your employer agree to fulfill the terms of the contract, which may include details such as salary, responsibilities, and termination conditions.