Which of the following terms refers to a legally binding agreement between two or more parties?

The term that refers to a legally binding agreement between two or more parties is a contract. A contract establishes the rights and obligations of the parties involved, and it is enforceable by law. For a contract to be valid, it must typically include an offer, acceptance, consideration, and mutual consent among the parties.

A clause usually refers to a specific provision or section within a document, often detailing a particular aspect of the agreement rather than encompassing the entire legal agreement itself. A provision is similar, as it often denotes a specific requirement or condition set forth within a larger contract rather than the overall agreement. A statement may refer to a declaration or assertion but does not carry the legal weight of an agreement. Thus, contract is the term that most accurately describes an agreement that is legally binding and serves as the foundation for various types of legal arrangements.