Which statement accurately defines contract terms?

The correct answer accurately defines contract terms as specifying the rights and obligations of the parties involved. Contract terms are essential components that detail what each party is entitled to receive and what they are required to deliver under the contract. This includes specific provisions such as payment terms, delivery schedules, performance standards, and any conditions that must be met by either party.

Clearly outlining these rights and obligations helps to reduce ambiguity and ensures all parties understand what is expected of them, thereby minimizing the potential for conflicts and disputes.

While the other options touch upon aspects related to contracts, they do not correctly represent the fundamental role of contract terms. For instance, summarizing history does not provide actionable guidelines for parties involved, informal agreements lack the formal structure and enforceability typically associated with contractual terms, and outlining dispute resolution processes, while important, is a separate dimension of contract management that does not define the core terms of the contract itself.