Every promise or set of promise forming consideration for each other is called*AcceptanceProposalAgreementContract

The correct term for "Every promise or set of promises forming consideration for each other" is Contract.

A contract is a legally binding agreement between two or more parties that creates mutual obligations enforceable by law. In legal terms, a contract typically involves an offer (proposal) by one party, acceptance of that offer by another, and consideration, which is something of value exchanged between the parties. This ensures that each party has something at stake in the agreement, solidifying the commitment. Contracts can be written or oral, but in many jurisdictions, certain types are required to be in writing to be enforceable. Understanding contracts is fundamental in various fields, including business, law, and personal agreements, as they form the basis of many transactions and interactions in society.