What is defined as an agreement between two or more competent persons that is enforceable by law?

The term that is defined as an agreement between two or more competent persons and is enforceable by law is indeed a contract. A contract is a legally binding agreement that establishes the rights and obligations of the parties involved. For an agreement to be classified as a contract, it typically must include key elements such as an offer, acceptance, consideration (something of value exchanged), and the intention to create legal relations.

This definition encompasses various types of contracts, including written agreements, oral agreements, and implied contracts which arise from the actions of the parties. The enforceability aspect emphasizes that if one party fails to fulfill their obligations under the contract, the other party may seek legal remedies.

In contrast, the other terms presented have distinct meanings. An understanding may refer to a mutual agreement but does not carry the legal enforceability that a contract does. An accord typically signifies an agreement to settle a dispute, which is not necessarily enforceable in the same way as a contract until it is executed. A memorandum generally refers to a written record of something and lacks the legal enforceability that a contract possesses unless it is part of a larger binding agreement. Thus, a contract is the most accurate and comprehensive term for the described legal agreement.