20 lines
574 B
Markdown
20 lines
574 B
Markdown
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# Contract
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## Definition
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A formal agreement between parties that establishes mutual obligations and rights, which Smith notes is uniquely human as animals do not engage in contractual arrangements, marking a fundamental distinction between human and animal economic behaviour.
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## Source Chapter
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Book I, Chapter 2
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## Context
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Smith uses the absence of contracts in animal behaviour to illustrate that the propensity to truck, barter, and exchange is uniquely human, distinguishing human economic organisation from animal interactions.
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## Economic Domain
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Exchange
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---
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