Final answer:
The term when all parties agree to the terms of a contract is B) 'meeting of the minds,' which is essential for establishing contractual rights, often grounded in property rights.
Step-by-step explanation:
When all parties to a contract have agreed to its terms, this is referred to as a meeting of the minds. This concept is a fundamental element in contract law.
Indicating that both or all parties involved have a mutual understanding and agreement on the provisions of the contract. Contractual rights are often rooted in property rights.
Allowing individuals to engage in agreements regarding their property with confidence that they have legal recourse in case of noncompliance with the contract's terms.
An example of this is an employment agreement, like a surgeon who performs a surgery and expects to be paid for their service. Without effective legal systems upholding contracts, economic transactions would be riskier and could hinder economic growth.