A written agreement in which a purchaser agrees to buy and a seller agrees to sell is called?

A written agreement in which a purchaser agrees to buy and a seller agrees to sell is correctly identified as a contract. In this context, a contract is a legally binding document that outlines the terms and conditions agreed upon by both parties involved in the transaction. It establishes the rights and responsibilities of the buyer and the seller, including details such as the sale price, property description, and any contingencies that must be met for the sale to proceed.

While the term "sales agreement" might sound similar and is often used interchangeably with contract, it is more specifically a type of contract tailored for the sale of goods and services, including real estate. However, the more general term of contract encompasses all types of legally enforceable agreements. Other choices like a purchase option and a memorandum of understanding do not accurately describe the formal, legally binding nature of a buyer-seller relationship that a contract provides. Thus, recognizing that a contract is the fundamental legal document governing the transaction is crucial for understanding real estate practices.