An agreement between two parties which will give rise to rights and obligation is known as?

The correct term for an agreement between two parties that creates rights and obligations is a contract. A contract is a legally binding agreement that outlines the terms and conditions of the arrangement between the parties involved. The terms of the contract can be negotiated and agreed upon by the parties involved, and once the contract is signed, it becomes a legally enforceable document. Both parties have certain rights and obligations they must follow according to the terms of the contract, and if either party fails to fulfill their obligations, the other party may be able to seek legal remedies.