Which of the following describes a joint contract?

A joint contract is characterized by a collective responsibility among multiple parties, meaning that two or more individuals or entities are bound by the same agreement and are mutually obligated to fulfill the terms outlined in that contract. This type of contract is commonly found in partnerships or collaborations where each party plays an integral role in achieving a common goal or purpose.

The cooperative nature of a joint contract allows for shared risks and responsibilities, where all parties involved typically contribute resources or efforts toward the objective. Such agreements are essential in various fields, including business partnerships and professional collaborations, as they define the obligations and rights of each party in a structured manner.

The other choices do not accurately capture the essence of a joint contract. An agreement made by one party reflects a unilateral contract rather than a joint contractual obligation. A family agreement could imply a private understanding that might not entail the formal obligations found in joint contracts. Lastly, while an agreement to share profits could be part of a joint contract scenario, it does not define the contract itself, as profit-sharing can occur under various agreements that do not necessarily involve joint responsibilities or obligations.