Legal Environment/Government and the Economy Vocabulary Review

Front

Legally binding agreement between two or more people or businesses

Back

contract

Front

element of a contract that is a proposal to provide a good or service.

Back

offer

Front

Element of a contract stating that all parties involved must agree to the terms of the contract.

Back

acceptance

Front

Element of a contract stating that 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

When one or more parties do not follow the agreed terms of a contract without having a legitimate 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