Contracts are:
A)are command-based systems in which prices usually play a relatively small role.
B)a set of promises intended to create economic value and enforceable by a court or some other agency, such as an arbitrator.
C)are a mode of governance that facilitate the purchase and sale of standardized goods or services, often in repeated transactions.
D)economic institutions that can greatly ease the process by which a transaction moves from proposal to commitment.

Question

Quizplus · Accepted Answer

Contracts are legally binding agreements that consist of promises between parties, intended to create economic value and are enforceable by law or arbitration.

Contracts Are