What is a formal set of rules and conventions that govern how computers exchange information over a network medium?

The term that describes a formal set of rules and conventions governing how computers exchange information over a network medium is "protocol." In the context of networking, protocols are essential for ensuring that data is transmitted accurately and efficiently between devices. They define the methods by which data is formatted, transmitted, and received, enabling different systems to communicate with each other despite potential differences in their internal architectures or software.

Protocols include various aspects, such as error handling, data compression, and the sequence in which data is sent and received. Examples include the Transmission Control Protocol (TCP) and the Internet Protocol (IP), which are fundamental to the functioning of the internet.

While "standard" could refer to widely accepted practices or specifications in technology, it does not capture the specific rules governing network communication as succinctly as "protocol." "Specification" typically describes the details of a technical design or requirement but does not imply the operational aspect of communication. "Etiquette" may refer to the socially acceptable behaviors within a networked environment but does not encompass the formalized rules for data transmission. Therefore, "protocol" is the most accurate choice for representing the framework for network communication.