Who has rights and duties arising from a contract?

The correct choice reflects the fundamental principle of contract law, which asserts that rights and duties within a contract are established between the involved parties—generally referred to as the promisor (the one making the promise) and the promisee (the one receiving the promise).

In a contract, both the promisor and the promisee have rights they can enforce and duties they must fulfill according to the terms of the agreement. The promisor has the duty to perform as stipulated in the contract, while the promisee has the right to expect that performance.

This foundational concept emphasizes that the obligations and entitlements arising from the contract are specifically associated with the parties engaged in that particular contract. Associations that go beyond these two parties, such as third parties, do not inherently gain rights or obligations unless the original contract explicitly provides for such rights, such as in cases of third-party beneficiaries.

Thus, stating that only the parties to the contract have rights and duties is a clear summary of contractual roles, encapsulating the legal framework governing contracts effectively.