The term "treaty" can be defined as a pact between two parties. These parties can be countries, states or international organizations. The pact serves as a binding agreement subject to international laws and regulations.
A treaty is usually signed between two parties, both having their own rights to self-govern.
In a treaty, it is not always necessary that both the parties have the same rights and obligations. The U.S. Constitution grants the right to the president to make treaties with other parties. However, the president must take advice from and must have the consent of at least two-thirds of the members of the Senate.