What refers to rights and obligations stipulated in a contract?

The concept that refers to rights and obligations stipulated in a contract is best captured by the phrase "contractual rights and obligations." This term specifically highlights the responsibilities and entitlements that both parties to a contract agree to abide by. Each party enters the contract with the expectation that they will either perform a duty or receive a benefit as outlined in the agreement, which solidifies the framework for their relationship.

While "contractual terms" is closely related, it more broadly refers to the specific clauses and stipulations within the contract rather than encapsulating the rights and obligations themselves. "Binding agreements" is a more general term that implies legal enforceability but does not specifically address the details of what rights and obligations are established. Lastly, "legal statutes" refers to laws enacted by a legislative body and does not pertain directly to individual contractual agreements or the specific rights and obligations arising from them. This context reinforces why the identification of rights and obligations as a distinct concept is crucial in understanding contractual relationships.