Which of the following are key stages of the contract lifecycle?

The key stages of the contract lifecycle encompass the processes involved in ensuring that a contract is created, implemented, monitored, and concluded effectively. The correct answer captures these essential stages clearly: formation, execution, monitoring, and closure.

Formation involves the initial creation of the contract, where terms are negotiated and agreed upon by all parties involved. This stage sets the foundation for the obligations and rights that will dictate the relationship between the parties.

Execution follows, wherein the contract is formally signed and becomes legally binding, marking the point at which the obligations outlined in the contract must be fulfilled.

Monitoring is crucial as it involves overseeing the performance of the contract, ensuring compliance, and addressing any issues that may arise during the contract's life. This step ensures that both parties adhere to the agreed terms and can involve various activities such as performance assessments and communication.

Finally, closure signifies the completion of the contract, which involves finalizing all necessary documentation, fulfilling all obligations, and resolving any outstanding issues, thus formally ending the contract.

While other options may touch upon relevant activities or concepts associated with contracts, they do not encapsulate the full lifecycle in a comprehensive manner as option A does. For example, terms like "planning," "reporting," and "review" in other choices