BMF_3.1_Vocabulary

Fill in the blank: ________ is a legally binding agreement between two or more people or businesses.

• Contract

• Invoice

• Receipt

• Proposal

Fill in the blank: ________ is a proposal to provide a good or service.

• Offer

• Demand

• Request

• Order

Fill in the blank: ________ means all parties involved must agree to the terms of the contract.

• Acceptance

• Consideration

• Breach

• Offer

Fill in the blank: ________ means something of value must be promised in return.

• Consideration

• Obligation

• Intention

• Agreement

Fill in the blank: ________ means a person is legally able to enter into a binding agreement.

• Capacity

• Liability

• Consideration

• Duress

Fill in the blank: ________ regulates how contracts are written, executed, and enforced.

• Contract Law

• Criminal Law

• Tort Law

• Property Law

Fill in the blank: ________ occurs when one or more parties do not follow the agreed terms of a contract without having a legitimate reason.

• Breach of Contract

• Offer Acceptance

• Mutual Consent

• Performance of Contract

Fill in the blank: ________ lists the goods or services provided by a business and the price the customer pays in exchange.

• Sales and Service Contract

• Purchase Order

• Invoice Receipt

• Delivery Note

Fill in the blank: ________ is a contract to rent something.

• Lease

• Mortgage

• Deed

• Will

Fill in the blank: ________ describes the terms of employment between a business and an employee.

• Employment Contract

• Job Advertisement

• Performance Review

• Resignation Letter