Final answer:
In the context of contracts, parties have duties of fidelity, reparation, gratitude, promotion of the good, and non-maleficence. Contracts are based on property rights, allowing agreements with legal enforcement, which is crucial for economic transactions and growth.
Step-by-step explanation:
The question addresses the nature of contractual rights and duties as found in the Restatement Second of Contracts, particularly those that arise in the performance and enforcement of contracts. According to the Restatement, the primary duties imposed on the parties in a contract include, but are not limited to, the duty of fidelity, which involves keeping promises and being truthful, the duty of reparation, which mandates making up for wrongs done, the duty of gratitude, involving expressing thanks and reciprocating for benefits received, the duty to promote a maximum of aggregate good, and the duty of non-maleficence, which means avoiding harm to others.
Contracts are fundamentally based on property rights, giving individuals the ability to make agreements regarding the use and exchange of their property, with legal recourse available in cases of noncompliance. For instance, in an employment contract, a skilled surgeon who operates on a patient expects payment for their services. If the payment is not made, this is akin to property theft. The enforcement of contracts through the legal system is essential for such agreements to be meaningfully entered into and to ensure economic transactions can occur reliably, fostering economic growth.