An agreement enforceable by law is a contract.

Explanation:
An agreement enforceable by law refers to a legally binding agreement between two or more parties. It means that the parties involved have reached a mutual understanding and have agreed to perform certain obligations or promises. However, not all agreements are legally enforceable, as there are certain elements that need to be present for an agreement to become a contract.

Definition of a Contract:
A contract is a legally enforceable agreement between two or more parties that creates an obligation to do or not to do a particular thing. It is a formal arrangement that is recognized by law, and if any party fails to fulfill their obligations under the contract, they can be held legally responsible for the breach.

Elements of a Contract:
For an agreement to be considered a contract and be enforceable by law, the following elements must be present:

1. Offer and Acceptance: There must be a clear offer made by one party and an unconditional acceptance of that offer by the other party. Both parties must have a mutual intention to enter into a legally binding agreement.

2. Consideration: Consideration refers to something of value that is exchanged between the parties. It can be money, goods, services, or even a promise to do or not to do something. Consideration is necessary to make the contract legally enforceable.

3. Intention to Create Legal Relations: The parties must have an intention to create legal relations. This means that they must understand and acknowledge that their agreement will have legal consequences and can be enforced by a court of law.

4. Capacity: The parties entering into a contract must have the legal capacity to do so. This means that they must be of sound mind, of legal age, and not under any legal disability that would prevent them from entering into a contract.

5. Consent: The parties must freely and voluntarily give their consent to the terms of the contract. There should be no coercion, fraud, misrepresentation, or undue influence that would affect the validity of the agreement.

6. Legal Object: The object or purpose of the contract must be lawful. It should not involve any illegal activities or go against public policy.

7. Certainty: The terms of the contract must be clear, definite, and certain. They should outline the rights and obligations of each party, the time frame, the price, and any other essential terms.

If all these elements are present in an agreement, it becomes a legally binding contract and can be enforced by law. The parties involved can seek legal remedies if any party fails to fulfill their obligations under the contract.