Which term refers to both parties adhering to a contract's terms voluntarily?

The term that accurately describes both parties adhering to a contract's terms voluntarily is mutual agreement. In the context of contract law, mutual agreement signifies that both parties have come together to discuss and negotiate terms, ultimately reaching a consensus that they both accept. This concept is essential because a contract cannot be deemed valid unless both parties genuinely agree to the stipulated terms, reflecting a shared understanding and acceptance of the obligations and rights involved.

While consent is related, as it also indicates that both parties have willingly agreed to the terms, mutual agreement more specifically encompasses the overall process and acknowledgment that each party is on the same page about the contract's provisions. Additionally, the terms offer and acceptance refer to the steps taken during the contract formation phase, but they don't necessarily encapsulate the ongoing commitment to adhere to the contract once it has been established. Consideration, on the other hand, pertains to the value exchanged between parties within a contract, but does not inherently imply that both parties are committed to the contract’s terms.