When two parties reach a mutual agreement without a third party, this is known as?

The term that accurately describes a situation where two parties reach a mutual agreement without the involvement of a third party is negotiation. This process involves direct discussion and bargaining between the parties to come to a decision or agreement that satisfies both sides. Negotiation is characterized by the effort to resolve differences and achieve a mutually beneficial outcome, often through dialogue and compromise.

In the context of the other options, collaboration typically involves working together towards a common goal, but it may include the participation of multiple stakeholders and does not necessarily imply an agreement between just two parties. Consensus refers to a general agreement reached by a group, which may still involve broader discussion and input from multiple participants. Conciliation generally includes the intervention of a third party to help resolve a conflict or dispute between the two parties, which does not align with the scenario of parties independently reaching an agreement.