Intro to Business Ch. 3 Review

A legally binding agreement between two or more people or businesses

• Offer
• Contract
• Capacity
• Lease

A proposal to provide a good or service

• Offer
• Acceptance
• Consideration
• Intention

All parties involved must agree to the terms of the contract

• Offer
• Acceptance
• Consideration
• Intention

Something of value must be promised in return

• Offer
• Acceptance
• Consideration
• Intention

A person is legally able to enter into a binding agreement

• Acceptance
• Breach of Contract
• Lease
• Capacity

Regulates how contracts are written, executed and enforced

• Capacity
• Lease
• Offer
• Contract law

When one or more parties do not follow the agreed terms of a contract

• Breach of contract
• Collusion
• Contract
• License

Lists the goods or services provided by a business and the price the customer pays in exchange

• Contract
• Sales and service contract
• Receipt
• Lease

A contract to rent something

• Employment Contract
• Loan
• Rental
• Lease

Contract used when two or more individuals create a business

• Partnership agreement
• Software License
• Employment Contract
• Collusion