Contracts Are

Multiple Choice

Contracts are:

A) are command-based systems in which prices usually play a relatively small role.
B) a set of promises intended to create economic value and enforceable by a court or some other agency, such as an arbitrator.
C) are a mode of governance that facilitate the purchase and sale of standardized goods or services, often in repeated transactions.
D) economic institutions that can greatly ease the process by which a transaction moves from proposal to commitment.