An agreement enforceable by law is called a contract. A contract is a legally binding agreement between two or more parties that includes promises or obligations. Each party in a contract must agree to the terms and conditions outlined in the agreement, and failure to adhere to those terms can result in legal repercussions.

Contracts can cover a wide range of topics, from employment contracts and lease agreements to business partnerships and service contracts. No matter the subject of the contract, the terms must be clearly defined and agreed upon by all parties involved.

To make a contract legally enforceable, there are a few requirements that must be met. Firstly, the contract must involve valid consideration- something of value that each party is giving to the other. This can be money, goods, or services, and the consideration must be agreed upon by both parties.

Secondly, each party must have the capacity to enter into the contract. This means they must be of legal age, be mentally competent, and not be under duress or coercion.

Finally, the terms of the contract must be legal and not violate any laws or public policy. For example, a contract for an illegal activity would not be enforceable by law.

If one party breaches the terms of a contract, the other party may seek legal remedies such as damages or specific performance. Specific performance involves compelling the non-breaching party to carry out their obligations under the contract.

In conclusion, a contract is an agreement enforceable by law that involves promises or obligations between two or more parties. The terms of the contract must be clear, involve valid consideration, capacity of the parties, and must not violate any laws or public policy. Breaching the terms of a contract can result in legal consequences, and the non-breaching party may seek legal remedies.