Final answer:
The concept 'Only Legal Persons May Contract' encompasses the legal principle that individuals and entities with legal capacity can enter into contracts, with property ownership being foundational to this right.
Step-by-step explanation:
The question 'Only Legal Persons May Contract' is related to a principle of law, specifically touching on contractual rights and legal capacity to enter into agreements. According to legal doctrine, legal persons, which include individuals and legally constituted entities, have the right to own property and, by extension, the right to enter into contracts regarding the use of their property. This contract provides recourse through the legal system in the event of noncompliance. The legal doctrine of privity ensures that the terms of a contract, such as an employment agreement between a surgeon and a patient, will be adhered to, as those who breach the agreement can be held accountable within the court system. Without such enforcement of contracts, individuals would be more hesitant to offer services or engage in business, possibly leading to slowed economic growth due to a higher risk of non-payment.