A peace treaty is a formal agreement between two or more parties, often countries, to end hostilities and establish peace. These treaties typically outline the terms for resolving conflicts, including territorial changes, reparations, and future relations. They are crucial in preventing further violence and promoting stability. Peace treaties can follow wars or conflicts, such as the Treaty of Versailles after World War I. They often involve negotiations and compromises, requiring the parties to agree on specific conditions. Successful treaties can lead to lasting peace, while failure to adhere to their terms may result in renewed tensions or conflict.