What documents outline the rights and responsibilities of parties involved in an agreement?

Contracts are formal agreements that explicitly outline the rights and responsibilities of the parties involved. They serve as legally binding documents, ensuring that each party understands their commitments and obligations. Contracts include essential elements such as offer, acceptance, consideration, and mutual consent, which collectively create a binding framework to govern the relationship between the parties.

In contrast, policies provide a set of principles or rules guiding decisions and actions within an organization but may not contain the detailed obligations of parties involved in a specific agreement. Bylaws typically govern the internal rules of an organization, focusing more on the structure and management rather than specific agreements between individuals or entities. Guidelines offer general recommendations or best practices for conduct but lack the enforceability and specificity found in contracts.

Therefore, contracts stand out as the most suitable answer when identifying documents that delineate the legal rights and responsibilities of parties in an agreement.