Chapter 3: Business Law and Ethics Vocabulary

A legally binding agreement between two or more people or businesses

• offer

• contract

• agreement document

• purchase terms

A proposal to provide a good or service

• offer

• contract

• agreement document

• purchase terms

All parties involved must agree to the terms of the contract

• lease

• contract

• acceptance

• purchase terms

Something of value must be promised in return

• cash

• payment agreement

• consideration

• purchase terms

A person is legally able to enter into a binding agreement

• lawyer

• capacity

• college graduate

• high school graduate

Regulates how contracts are written, executed, and enforced

• lawyer

• agreement in principle

• consideration

• contract law

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

• breach of contract

• contract code violation

• bad faith

• broken contract law

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

• offer in compromise

• purchase order

• sales and service contract

• purchase terms

A contract to rent something

• purchase agreement

• real estate contract

• lease

• can only be written by a lawyer

Describes the terms of employment between a business and an employee.

• negotiated contract

• union agreement

• employment contract

• legalese