The arrangement described in the contract is best characterized by option C: sharecropping.
Sharecropping was a system that emerged in the Southern United States after the Civil War, where landowners would provide land, tools, and sometimes housing to workers, typically former enslaved people, who would then cultivate the land in exchange for a share of the crops produced. In this case, Cooper Hughs Freedman and his wife are expected to cultivate the land and are compensated with a share of the crops (one half of the cotton and one third of the corn and fodder). The contract also outlines responsibilities regarding the upkeep of the farm, which is typical of sharecropping arrangements.