Which of the following represents a legally binding agreement?

A business contract with specified terms represents a legally binding agreement due to its essential elements: offer, acceptance, consideration, and the intention to create legal relations. In the context of business law, a contract must outline the specific terms that define the responsibilities and rights of the parties involved. This formal structure provides a clear understanding of what is expected from each party and establishes enforceability in a court of law.

For example, a written contract detailing the sale of goods or services includes terms such as price, delivery date, and quality expectations, which all contribute to its legal validity. In addition, business contracts typically require consideration, which means that something of value is exchanged, further solidifying the agreement's binding nature.

In contrast, a social promise to help a friend lacks the elements necessary for a legally enforceable agreement, as it typically doesn't involve consideration or intent to create legal relations. Similarly, a verbal agreement to meet may not be enforceable because it lacks specificity and is often seen as casual rather than a formal commitment. An informal handshake deal also tends to be viewed as an agreement based on trust and does not always meet the formal parameters required for legal binding, lacking the clarity and detail found in written contracts. Thus, the business contract stands out as the