Final answer:
A 'meeting of the minds' is the term used to describe the mutual understanding and agreement on all terms of a contract. Contractual rights, backed by property rights, enable enforceable agreements regarding property use. They ensure economic transactions can occur reliably, with legal recourse for noncompliance.
Step-by-step explanation:
The agreement on all terms of a contract, which is required for mutual assent and is indicative of both parties understanding and agreeing to the contractual obligations, is often referred to as a meeting of the minds. Contractual rights are intrinsically linked to property rights, permitting individuals to make agreements regarding the use of their property.
A strong legal system ensures these contracts are enforceable, providing recourse in the event of noncompliance. For instance, an employment agreement between a skilled surgeon and a patient would be enforced to ensure the surgeon receives payment for services rendered, thereby upholding the contractual rights based on the property rights of the service provided.