Final answer:
Every valid contract is enforceable, assuring parties that the terms will be honored and providing legal recourse for non-compliance, which is essential for economic growth and security in transactions.
Step-by-step explanation:
According to contract law, every valid contract is also enforceable. This means that the law provides mechanisms for the enforcement of the rights and obligations that arise under the contract. Valid contracts create a legal framework that supports economic transactions by ensuring that parties can rely on their agreements being upheld. This legal support of contracts is critical for economic growth because it allows individuals to trade and sell property with the assurance that the agreed terms will be honored. Contractual rights are fundamentally based on property rights, enabling individuals to make arrangements over the use of their assets with the confidence that the law will provide remedies in cases of non-payment or breach.
In the United States, both Congress and the states are restricted from enacting laws that interfere with legal contracts, as doing so would violate constitutional protections, including those against bills of attainder and ex post facto laws. Hence, enforceability is intrinsic to a valid contract, ensuring that individuals and businesses can engage in commerce securely and with legal recourse available when necessary.