Which of the following best defines a contract?

The definition that best encapsulates a contract is that it is an enforceable agreement creating obligations. This definition emphasizes the key elements of a contract: the mutual agreement between parties and the legal enforceability that comes with it. A contract is not merely a document or a verbal commitment; it signifies that the parties involved have expressed intentions and are bound by law to adhere to the terms established.

The enforceability aspect is crucial because it ensures that if one party fails to fulfill their obligations, the other party has the legal right to seek remedies. This aspect distinguishes contracts from casual agreements or informal understandings, reinforcing that contracts have significant legal implications.

While the other definitions touch upon important facets of contracts—like being a legal document or written agreement—they do not fully capture the essence of what makes a contract, which is the enforceability and the obligations it creates between the parties involved.