What process begins after the terms of a contract have been negotiated and signed?

The correct choice highlights that the process of a transaction begins once the terms of a contract have been negotiated and signed. This signifies the transition from negotiation and agreement to the execution of the contract and fulfillment of the terms set forth. A transaction involves the actions of each party as they start to meet their obligations under the contract, which may include the exchange of goods, services, or payment.

In contrast, closing often refers to the finalization of a business deal, particularly in real estate, where it denotes the actual completion of the transaction. Negotiation refers to the discussions and bargaining processes that occur before the terms are agreed upon, not after. A counteroffer is a specific response made during negotiation when one party proposes a different set of terms, indicating that no acceptance of the original offer has taken place yet.

The focus on the transaction as the next step emphasizes the active engagement and exchange that occurs after the formal agreement, grounding the answer in the context of contractual law and business dealings.