Final answer:
Yes, when a bank-customer relationship is created, there are contractual rights and duties that arise. This is evident in the banking context where customer deposits are considered liabilities by the bank, and both parties have specific obligations under the contract.
Step-by-step explanation:
It is true that whenever a bank-customer relationship is established, certain contractual rights and duties arise. When bank customers deposit money into a checking account, savings account, or a certificate of deposit, these deposits are viewed by the bank as liabilities because the bank owes these deposits to its customers on demand. These deposits establish a contract between the bank and the customer with inherent rights such as the right to withdraw the deposited funds and duties such as the bank's obligation to safeguard the money.
Contractual rights are based on property rights, which allow individuals to enter into agreements with others over the use of their property, offering legal recourse in the event of noncompliance. In a system with strong contractual rights and property rights, individuals have confidence in entering into agreements for services because the contract can be enforced through the court system to ensure payment or delivery of services. However, without such a legal system that enforces contracts, the risk of non-payment would discourage people from entering into agreements, thereby hampering business transactions and slowing economic growth.