Final answer:
The term described by the definition 'An agreement between competent parties based upon legal consideration creating legally enforceable duties and obligations' is a contract, which is central to property rights and economic transactions.
Step-by-step explanation:
The definition "An agreement between competent parties based upon legal consideration creating legally enforceable duties and obligations" refers to a contract. Contractual rights are founded on property rights, enabling individuals to create agreements on the use of their property with the assurance of legal recourse in cases of noncompliance. Enforcing contracts through the legal system is essential as it underpins economic transactions and promotes economic growth. For example, an employment contract between a surgeon and a patient stipulates that the surgeon performs surgery in exchange for payment. If the patient fails to pay, the surgeon has the right to seek legal enforcement of the contract to obtain the payment owed.