What is the term used to describe an agreement between two or more parties?

The term that accurately describes an agreement between two or more parties is "contract." A contract is a legally enforceable agreement that outlines the rights and responsibilities of the parties involved. It can be verbal or written, but in many cases, a written contract is required to provide clear terms and conditions which can help in resolving any disputes that may arise. Contracts can cover various aspects, including the sale of goods, services, and the terms of employment, and they are a fundamental component of legal transactions in both personal and business contexts.

The other options, while related, do not capture the full legal binding nature that a contract implies. A partnership, for instance, refers to a specific relationship formed by an agreement between parties to share management and profits. An agreement is a more general term that may not necessarily carry legal enforceability. Understanding implies a mutual comprehension but lacks the formal structure and obligations associated with a contract.