Which of the following terms refers to legally enforceable agreements between two or more parties?

The term that refers to legally enforceable agreements between two or more parties is contracts. A contract is a formal agreement that outlines the rights and responsibilities of the parties involved. It typically includes specific terms related to the exchange of goods, services, or other considerations, and it is enforceable by law. Contracts can involve numerous elements, including an offer, acceptance, consideration, and mutual intent to enter into the agreement.

Transactions involve the act of conducting business or exchanging goods, but they are not inherently legally enforceable unless they are formalized into a contract. Negotiations are the discussions held to reach an agreement and can lead to contracts, but they themselves are not binding agreements. Commitments generally refer to promises or pledges made by parties, which may not have the legal framework that a contract provides. Thus, the clarity and legal enforceability associated with contracts make them the correct answer in this context.