Which term describes a legal agreement that specifies deliverables, timelines, and other critical terms?

The term that accurately describes a legal agreement that specifies deliverables, timelines, and other critical terms is a contract. A contract is a binding agreement between two or more parties that outlines specific obligations and responsibilities, as well as the terms and conditions that govern the relationship.

Contracts serve to ensure that all parties have a clear understanding of what is expected of them and provide a framework for enforcement in case of a breach. This includes detailing deliverables—what exactly will be produced or provided—timelines for when those deliverables are expected, and any other critical terms that govern the execution of the agreement.

While an agreement is a broader term that can refer to any arrangement between parties, it does not necessarily carry the same legal enforceability as a contract. Proposals are typically preliminary documents that outline a suggested plan or offer, and they often precede formal agreements. A letter of intent signifies an intention to enter into a contract but does not constitute a binding agreement in itself until further formalized. Thus, the specificity and legal enforceability of a contract make it the correct answer in this context.