Define "contractual rights."

"Contractual rights" refer to the legal entitlements that a party has under a contract. This means that when an agreement is made, each party gains specific rights that allow them to enforce the terms of the contract or seek remedies if the terms are not met. These rights can include receiving payment, demanding performance, or enforcing certain conditions outlined in the contract.

Understanding that contractual rights are legal entitlements helps clarify the nature of what these rights entail. They ensure that parties can rely on the contract being honored as agreed upon, thus providing a foundation for legal protection if disputes arise.

In terms of the other options, while responsibilities and obligations are crucial components of a contract, they do not define rights. Responsibilities pertain to what a party must do (or avoid doing), and obligations refer to duties that one party has toward another. The right to modify a contract is more about a specific condition rather than a blanket definition of what contractual rights encompass, which broadly captures the essence of entitlements in a contractual framework.