Final answer:
Bargained for exchange, legal detriment, and change in legal position are concepts related to contractual rights and the formation of legally binding agreements. In a bargained for exchange, both parties must give something of value in order to create a contract. Legal detriment refers to the idea that each party must give up something or suffer a loss in order to enter into a contract. Change in legal position means that once a contract is formed, each party's legal rights and obligations are altered.
Step-by-step explanation:
Bargained for exchange, legal detriment, and change in legal position are concepts related to contractual rights and the formation of legally binding agreements.
In a bargained for exchange, both parties must give something of value in order to create a contract. This is also known as consideration, where each party promises to do or provide something in exchange for something else.
Legal detriment refers to the idea that each party must give up something or suffer a loss in order to enter into a contract. This loss can be in the form of money, goods, services, or even a promise to refrain from doing something.
Change in legal position means that once a contract is formed, each party's legal rights and obligations are altered. They are bound to fulfill the terms of the contract and can seek legal recourse if the other party fails to fulfill their obligations.