Who is responsible for ensuring the terms of a contract are met after it has been signed?

Master the TREC Promulgated Contract Test with our interactive quiz. Utilize flashcards and multiple choice questions, complete with hints and explanations, to prepare effectively. Ace your exam!

In a contract, both parties hold mutual responsibilities to ensure that the terms and conditions agreed upon are met after the document is signed. A contract is a legally binding agreement, and once it is executed, each party commits to fulfilling their respective obligations as outlined in the contract. This means that if either the seller or the buyer fails to fulfill their part of the agreement, they may be held liable for breach of contract. Consequently, both parties have a vested interest in ensuring compliance and addressing any issues that may arise during the performance of the contract. This collaborative responsibility underscores the importance of communication and cooperation in the contractual relationship.

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