Historically, the term contract has been defined in various ways. According to the textbook, which of the following is the best business definition?

$($A$)$ Any legally binding and legally enforceable promise, or set of promises, between two or more competent parties.

$($B$)$ Any agreement between two or more competent parties that exists in written form.

$($C$)$ Any bona fide promise or set of promises given and accepted$--$whether expressed in written form or not$--$ by which one or both parties stand to benefit economically.

$($D$)$ Any document drawn up by an attorney or other appropriate legal representative, where the document's contents relate to a legal