The term AGREEMENT BETWEEN TWO PARTIES can be summarized as a CONTRACT, which is an 8-letter word. A CONTRACT is a legally binding agreement between two or more parties that outlines the rights and responsibilities of each party. It is typically used to define the terms of a business transaction, such as the sale of goods or services. Contracts are often written documents, but they can also be verbal agreements. Contracts are enforceable in a court of law and can be used to settle disputes between parties.