What must be included in the terms of a contract according to legal standards?

The correct choice focuses on the necessity for contracts to incorporate definite terms, which are essential for their enforceability and clarity. In any valid contract, specificity in the terms is crucial; this includes a clear description of the subject matter, as well as the price involved. These elements help to eliminate ambiguity, ensuring all parties understand their obligations and rights under the contract.

When terms are vague or open-ended, as suggested by the alternative choices, they can lead to misunderstandings or disputes. For example, vague descriptions or general understandings fail to establish what exactly is being agreed upon, which can result in challenges when it comes time to enforce the contract. Similarly, mentioning only the objectives without concrete terms does not provide the necessary detail for a binding agreement. Therefore, the inclusion of definite terms, like price and description, is fundamental in drafting a contract that is both clear and legally valid.