Principles of Business * Fall Semester 2024

Front

A legally binding agreement between two or more people or businesses

Back

Contract

Front

A proposal to provide a good or service.

Back

Offer

Front

What must all parties involved agree to in a contract?

Back

Acceptance

Front

Something of value must be promised in return.

Back

Consideration

Front

A person is legally able to enter into a binding agreement.

Back

Capacity

Front

Regulates how contracts are written, executed, and enforced.

Back

Contract Law

Front

Is when one or more parties do not follow the agreed terms of a contract without reason.

Back

Breach of Contract

Front

Lists the goods or services provided by a business and the price the customer paid in exchange.

Back

Sales and Service Contract

Front

Contract to rent something.

Back

Lease

Front

Describes the terms of employment between a business and an employee.

Back

Employment Contract