How is an enforceable contract defined?

An enforceable contract is defined as a legally binding agreement between two parties that meets certain criteria established by law. For a contract to be enforceable, it must include essential elements such as mutual consent, consideration (something of value exchanged), legal capacity of the parties involved, and lawful purpose. This means both parties have agreed to the terms and intend to create a legal obligation.

Option C accurately captures the essence of an enforceable contract by emphasizing its legal binding nature between the parties. The enforceability ensures that if one party fails to honor the agreement, the other party can seek legal remedies to enforce the contract or recover damages. This concept is vital in the field of contract law, as it upholds the reliability and predictability of agreements made between individuals and organizations.