Final answer:
A contract is legally sufficient when there is consideration, meaning both parties provide something of value. This is not necessarily about equal value but rather about the presence of something valuable exchanged. This enables enforceability and supports economic growth through transaction facilitation.
Step-by-step explanation:
For a contract to be legally sufficient, it must involve the exchange of something of value, which is known as consideration. The legal sufficiency of a contract does not necessarily depend on the value exchanged being exactly equivalent or comparable, but rather that something of value must be provided by both parties. This is important to support the enforceability of the contract. Therefore, the correct answer is that: 4) The value exchanged between the parties is not relevant to the legality of the contract.
Contractual rights are intrinsically linked to property rights and provide individuals with the ability to enter agreements over the use of their property with the assurance of legal recourse in cases of noncompliance. A practical example is an employment agreement between a surgeon and a patient, where the surgeon expects to be compensated for their services. Should the patient fail to pay, the surgeon has the right to seek legal action to obtain payment. Other benefits of contractual rights include facilitating transactions and contributing to economic growth by encouraging participation in contracts for current or future services.