An expression by two or more persons indicating a common intention to create a legal obligation is known as what?

The correct term for an expression by two or more persons indicating a common intention to create a legal obligation is "Agreement." An agreement is the foundational aspect of any contract, serving as a mutual understanding between parties about their intentions and responsibilities.

An agreement doesn't necessarily have to be formalized or written down; it can also be oral or implied through actions. However, for it to evolve into a legally binding contract, certain elements must be satisfied, such as consideration, capacity, and the intention to create legal obligations. Thus, while an agreement is essential for forming contracts, it is not synonymous with the complete enforceability that a contract provides.

In contrast, a "Contract" denotes a specific type of agreement that is legally enforceable and contains particular elements. An "Accord" refers to an agreement to settle a dispute that is typically a part of the larger contractual context. Meanwhile, a "Promise" is a commitment made by one party, but it does not inherently represent the mutual expressions of intention that characterize an agreement.