Which of the following terms refers to an agreement by the parties concerned to establish a set of rules for governing a business transaction?

Question

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A contract is a legally binding agreement between two or more parties that establishes obligations and terms for a business transaction. It includes rules for the conduct of the parties involved, such as delivery times, payment terms, and any other relevant information. Procedures and policies are internal guidelines and rules that a business establishes, and concepts are general ideas or principles.

Which of the Following Terms Refers to an Agreement by the Parties