In legal terms, which type of agreement requires performance from multiple parties for the same obligation?

The correct answer pertains to a 'joint contract,' which is characterized by the requirement that multiple parties are collectively liable for the same obligation. In a joint contract, each party is bound to fulfill the entire obligation, and if one party fails to perform, the others may be required to fulfill it.

In contrast, a 'several contract' allows each party to be responsible for their individual obligations; however, they are not collectively liable in the same way as in joint contracts. While the term 'mutual contract' might suggest an agreement entered into by multiple parties, it often refers to the existence of a reciprocal relationship, not necessarily the shared performance of an obligation. A 'collective contract' is not a commonly used legal term and does not define a specific type of obligation among parties.

Understanding the distinction helps clarify how obligations can be structured in legal agreements, particularly in contexts requiring performance from multiple parties.