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, such as territorial disputes or reparations, and may include commitments to future cooperation. Peace treaties are essential in international relations, as they help prevent further violence and promote stability. Historical examples include the Treaty of Versailles, which ended World War I, and the Camp David Accords, which established peace between Israel and Egypt.