Final answer:
A contract requires all parties to commit to performance, ensuring the agreement's terms are met and providing legal recourse in case of non-compliance, without which economic transactions would be negatively impacted. So, the correct answer is option a.
Step-by-step explanation:
An essential characteristic of a contract is that all parties to the contract are committed to performance. This commitment ensures that the terms of the agreement are fulfilled. Contracts are legally enforceable agreements that create contractual rights, allowing individuals to securely engage in transactions involving their property.
The recourse provided by the legal system in the event of noncompliance is a crucial aspect of contracts. For example, if a surgeon performs surgery expecting payment, failure to pay would be considered theft of service. Without a legal system that enforces contracts, the risk of non-payment would discourage people from engaging in transactions, leading to slow economic growth.