Final answer:
Contracts related to an interest in land can involve real property issues like ownership and leases, or external aspects like crop sales and boundary disputes.
Step-by-step explanation:
Contracts related to an interest in land can be categorized as either within real property or outside of it. For matters within real property, contracts typically involve aspects such as ownership, leases, and mortgages.
On the other hand, contracts outside of real property interest involve the sale of crop harvests, rights such as mineral rights on real property, and disputes over property boundaries.
Property rights are essential as they provide individuals and firms with the ability to own property and use it as they see fit.
Contractual rights are inherently based on these property rights, enabling parties to enter into agreements concerning the use of their property, with the legal system offering recourse in case of noncompliance.
A robust legal system that enforces contractual rights is vital for economic growth, as it ensures that parties feel secure entering into contracts for goods, services, or the use of property, knowing there is a mechanism to handle non-payment and other forms of noncompliance.