Which legal concept refers to the rights and obligations arising from a promise?

The legal concept that refers to the rights and obligations arising from a promise is a contract. A contract is an agreement that creates enforceable obligations between the parties involved. It outlines the specific terms and conditions, including what each party must do or provide, thereby establishing mutual rights and responsibilities.

A contract is not just about the initial promise made; it encompasses the legal framework that allows parties to seek remedies in case one party fails to fulfill their obligations. This enforceability differentiates contracts from casual promises or agreements, which may not always have legal consequences.

In contrast, an agreement refers more broadly to a mutual understanding between parties that may or may not rise to the level of a contract if it lacks necessary elements like consideration or intent to create legal obligations. Negotiation refers to the process of discussion aimed at reaching an agreement but does not, by itself, define the legal implications of a promise made. A promise is simply an assurance or commitment by one party to another, which, without contractual context, lacks enforceability. Thus, recognizing the elements that constitute a contract is key to understanding the rights and obligations that arise from a promise.