Final answer:
Contract enforceability is predicated on the presence of clearly defined terms, limitations, contingencies, and restrictions, all of which are protected by the legal system which provides recourse in the event of noncompliance.
Step-by-step explanation:
Conditions that must be met in order for a contract to be enforceable include the terms of the agreement, the limitations within the contract, any contingencies that might affect the performance, and the restrictions that govern the contractual obligations. Contractual rights are inherently tied to property rights and provide individuals the ability to enter into legally-binding agreements regarding the use of their property. A critical aspect of an enforceable contract is the availability of legal recourse in cases of noncompliance; this ensures that parties fulfill their contractual obligations, knowing that failure to do so could lead to legal consequences such as a court order to fulfill the terms of the contract or to provide compensation for any damages incurred by non-performance.
For instance, in the case of an employment contract where a skilled surgeon is expected to be paid for performing a surgery, non-payment constitutes a violation of that contract and is equated to theft of property—the service rendered by the surgeon. Strong contractual and property rights within a society are essential because they allow for the enforcement of contracts through the legal system, which in turn encourages people to enter agreements and conduct business without the fear of non-payment.