In a market economy, what specifies the terms of exchange, facilitating exchange between strangers?

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Contracts specify the terms of exchange and are essential in facilitating exchange between strangers in a market economy. Contracts allow individuals to enter into mutually beneficial agreements and establish trust between parties who may not know each other personally. Insurance, patents, and accounting rules are important components of a market economy, but they do not specify the terms of exchange in the same way that contracts do.

In a Market Economy, What Specifies the Terms of Exchange