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Chapter 3.1

Chapter 3 Vocabulary

TermDefinition
Contract legally binding agreement between two or more people or businesses
offer a proposal to provide a good or service
acceptance means that all parties involved must agree to the terms of the contract
consideration means that something of value must be promised in return
capacity means that a person is legally able to enter into a binding agreement
contract law regulates how contracts are written, executed, and enforced
breach of contract is when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
sales and service contract list the goods or services provided by a business and the price the customer pays in exchange
lease a contract to rent something
employment contract describes the terms of employment between a business and an employee
employer identification number number assigned by the IRS for businesses to use when preparing federal tax returns and forms
Consumer Bill of Rights basic expectations of fair treatment of consumers
recall an order to remove or repair unsafe products in the market
Created by: user-1853364
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