3.1 Legal Environment

legally binding agreement between two or more people or businesses

• offer

• lease

• recall

• contract

each person who participates in a contract agreement is called a

• contract

• party

• offer

• contract

contracts ensure

• customers understand their role & rights in a sales transaction

• businesses have the materials & resources needed to operate

• all parties understand the terms of the agreement & consequences for not performing

• may be written or verbal

easier to enforce and can avoid misinterpretations

• written

• verbal

is a proposal to provide a good or service

• offer

• acceptance

• consideration

• intention of legal consequences

means that all parties involved must agree to the terms of the contract

• offer

• acceptance

• consideration

• intention of legal consequences

means that something of value must be promised in return

• consideration

• acceptance

• offer

• intention of legal consequences

Time management is the practice of organizing time & work assignments to increase personal efficiency

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The parties entering into the contract must understand that it can be enforced by law

• offer

• intention of legal consequences

• acceptance

• consideration

Goods, services, and actions involved in a contract must be legal.

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