A written legal agreement between two or more parties for a consideration is called a (an)

While an agreement represents a mutual understanding between parties, it does not necessarily entail legal enforceability. Not all agreements are contracts; for instance, informal arrangements or agreements lacking consideration are not legally binding. Thus, this term lacks the specificity required to define enforceable obligations.

A pledge refers to a promise or commitment, often to do something or to provide security for a debt, but it does not inherently include the elements of a consideration or mutual agreement necessary to constitute a contract. Pledges may be part of contractual agreements but do not alone satisfy the definition of a legal contract.

A business arrangement is a broad term that can encompass various types of agreements, including contracts, but it does not specifically denote a legally binding agreement. Such arrangements may lack the formal requirements of a contract, including consideration and mutual consent, thus failing to provide the legal protections associated with contracts.