Which of the following best describes a "contract"?

A contract is fundamentally defined as a legal agreement between parties that is enforceable by law. This definition captures the essential elements of a contract: it requires mutual assent (an agreement between the parties), consideration (something of value exchanged), and a lawful purpose. Importantly, for a contract to be enforceable, it must meet certain legal criteria, which ensures that the parties involved have rights and obligations that can be upheld in a court of law. This enforceability is what distinguishes a contract from mere discussions or agreements that lack legal standing.

In contrast, other options represent concepts that do not align with the legal definition of a contract. A temporary employment arrangement is a specific type of contract but does not encompass the broader definition that applies to all contracts. An informal verbal understanding, while it might reflect an agreement, lacks the necessary legal backing to be enforceable and may not include all elements required for a valid contract. Lastly, a negotiation process is not a contract by itself; it precedes the formation of a contract and entails discussions aimed at reaching an agreement, but until those discussions culminate in a legally binding agreement, there is no contract. Thus, the best description of a contract is indeed a legal agreement between parties that is enforceable by law.