A document that specifies the conditions under which an exchange is to occur and details the rights and obligations of the parties involved is BEST known as a:

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A contract is a legally binding document that specifies the terms and conditions of an exchange or agreement between two or more parties. It outlines the rights and obligations of each party and provides a clear understanding of the expectations and requirements for the transaction. Business letters and memorandums are communication tools often used in business, but they do not necessarily specify the terms of an exchange. Civil codes are sets of laws that govern various aspects of society but are not specific to a particular transaction or agreement.

A Document That Specifies the Conditions Under Which an Exchange