Final answer:
Option 1 is the correct filling for the blanks, with 'Identification' for PARTIES and 'TERMS' for RELEVANT, integral parts of a contract specifying parties involved and the provisions governing the agreement.
Step-by-step explanation:
The written requirements of a contract are crucial for its enforceability and clarity. The primary components include:
- 1. PARTIES Identification
- 2. SUBJECT MATTER
- 3.CONSIDERATION
- 4. RELEVANT TERMS
- 5. SIGNATURE(S)
Choosing between the provided options for filling in the blanks, Option 1 fits best: 'Identification' describes the requirement for clearly specifying the parties involved in a contract, and 'TERMS' encapsulates the necessary provisions, conditions, and clauses that govern the contractual agreement. When you accept a job and sign an employment contract, for instance, it will include terms such as salary, rights, responsibilities, and conditions for termination.
Understanding these elements is essential as they define your rights, highlight employer benefits, and establish your role within the organization, whether you're part-time, full-time, or under another employment status. Furthermore, the ability to enter into contracts is a right associated with property ownership. Due to the importance of contracts, it's imperative to read and understand all the terms before agreeing to them.
Hence, Option 1 is correct.