What is a primary characteristic of a contract?

A primary characteristic of a contract is that it represents a legally enforceable agreement that involves a promise or set of promises between parties. Specifically, it is a promise for which the law provides a remedy for breach, meaning that if one party fails to fulfill their obligations as outlined in the contract, the other party has the right to seek legal recourse.

This legal enforceability is fundamental to the functioning of contracts in business and society, as it establishes trust and expectations among parties. Without the potential for legal remedies in case of a breach, there would be less incentive for parties to adhere to their commitments, thereby undermining the reliability of contractual agreements.

The other options do not accurately represent the fundamental nature of a contract. For instance, most contracts can be written or verbal, and while witnesses may strengthen certain types of contracts, they are not universally required. Furthermore, contracts cannot be arbitrarily voided without consequence; they are binding until both parties agree to rescind or modify their terms in a legally valid way.