What term refers to an agreement enforceable by law between parties who bind themselves to certain promises?

The term that refers to an agreement enforceable by law between parties who bind themselves to certain promises is "contract." A contract is a legally binding document that outlines the obligations and rights of the parties involved. It must have specific elements, such as an offer, acceptance, consideration, and the intention to create legal relations, which together ensure that the agreement is enforceable in a court of law.

In contrast, while “agreement” signifies a mutual understanding between parties, it does not necessarily have the legal enforceability that a contract does. “Understanding” suggests a more informal or non-binding arrangement, lacking the formal attributes that characterize a contract. Lastly, “commitment” denotes a promise or dedication to a course of action, but like understanding, it does not imply any legal ramifications and does not ensure that the parties can be held to their promises legally. Therefore, a contract is the most precise term for a legally binding agreement.