Question

A(n) ______ is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

Answer 1

A contract is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

What is a contract?

A contract can be described as a  binding agreement  that is been carried out between people  or parties especially which is  legally enforceable incase of break in the agreement, however a business arrangement for the supply of goods could be seen as contract.

It should be noted that contractual agreement can be described as the  legally binding agreement  however the contract's terms and conditions  must be followed by the parties. , hence contract is a document that specifies the conditions under which an exchange is to occur, detailing the rights and obligations of the involved parties.

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