POB Chapter 3 Review

A ____ is a legally binding agreement between two or more people or businesses.

• receipt

• document

• contract

• report

A(n) ____ is a proposal to provide a good or service.

• request

• offer

• discussion

• contract

Something of value promised in a contract is called ____.

• goods

• articles

• fees

• consideration

____ means that a person is legally able to enter into a binding agreement.

• Competence

• Capacity

• Sound mind

• Qualifications

Promoting the welfare of others is called ____.

• philanthropy

• charity

• good deeds

• goodwill

A(n) ____ is a contract to rent something.

• agreement

• license

• hand shake

• lease

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

• cancellation

• breach of contract

• damaged contract

• broken agreement

A(n) ____ contract lists the products or services provided by a business and the price the customer pays in exchange.

• partnership

• lease

• sales and service

• employment

Principles that help define appropriate behavior in a business setting are ____.

• business ethics

• business rules

• company standards

• laws

A ____ is a document that dictates how business should be conducted.

• code of ethics

• set of standards

• proxy

• handbook