A voluntary agreement between competent parties that is supported by consideration and creates legally enforceable obligations is called a:

A voluntary agreement between competent parties that is supported by consideration and creates legally enforceable obligations is defined as a contract. This is because a contract involves an offer, acceptance, and mutual consent among the parties involved, which establishes clear responsibilities and rights. The key elements of a contract are mutual agreement, consideration (something of value exchanged), and the legal capacity of the parties to enter into the agreement.

In contrast, a lease specifically pertains to rental agreements for property, while a writ of execution is a court order enforcing a judgment and is not an agreement between parties. A license grants permission to engage in an activity that is otherwise prohibited but does not create enforceable obligations like a contract does. Therefore, the definition aligns perfectly with the characteristics of a contract, making it the correct choice.