What is an agreement between two or more people promising to work toward a specific goal for adequate consideration?

An agreement between two or more people promising to work toward a specific goal for adequate consideration is known as a contract. This legal arrangement outlines the responsibilities and expectations of each party involved, ensuring that they are committed to achieving the agreed-upon objective. Adequate consideration refers to the value exchanged between the parties, which can be in the form of money, services, or other benefits. Such agreements are enforceable by law, providing a framework for accountability and resolution of disputes.