Which term describes an agreement between parties to adhere to a specific set of rules or standards?

A contract is a legally binding agreement formed between two or more parties agreeing to adhere to specific terms and conditions. This term reflects the mutual understanding and commitment to fulfill the responsibilities outlined within the document. In many cases, contracts are established in business dealings to ensure that all parties involved are aware of their obligations and rights, which creates a framework for compliance and enforcement.

Regulations, on the other hand, are authoritative rules that are typically enacted by governmental bodies to govern behavior and ensure public safety, rather than being an agreement between private parties. Standard operating procedures provide guidelines for specific operations within an organization but do not inherently involve an agreement between separate entities. Policies are broad statements or principles that guide decision-making and behavior in organizations, but they do not function as an agreement among parties like a contract does. Thus, the specificity and legal enforceability of a contract make it the appropriate term for an agreement to adhere to rules or standards.