Final answer:
The purpose of contract law is to enforce agreements and facilitate planning in economic and personal transactions, ensuring that contractual obligations are fulfilled to support economic stability and growth.
Step-by-step explanation:
The purpose of contract law is to enforce expectations and facilitate planning (Answer D). Contract law allows individuals to engage in agreements with confidence that their rights and obligations will be upheld by the legal system. It is essential for economic stability as it provides a framework within which parties have the freedom to trade and enter into agreements regarding the use of their property, knowing that there is recourse in place if the other side fails to comply.
With respect to the given choices, contract law is less about determining right and wrong in the business world (Choice C) or prescribing societal principles (Choice B), and while it does engage in litigation in cases of breach (Choice A), its broader purpose is to ensure that agreements can be relied upon, consequently facilitating the smooth operation of business and other activities.
For instance, in the case provided, a surgeon who operates on a patient with the expectation of payment needs to have a legal assurance that the patient or their insurer will fulfill their end of the deal. Without contract law, the risk of non-payment would deter individuals from offering services, ultimately impeding business transactions and economic growth.