Agri Business Module 5

One of the oldest forms of contracts is an oral agreement with a handshake.

• True

• False

How many entities are generally in a contract?

• 1

• 2

• 3

• 4

Who or what is the third party in a contract?

• the court system

• buyers

• sellers

• politicians

A confidentiality clause specifies that the agreements in a contract shall remain out of public domain.

• True

• False

______ is when two parties of a contract enter into negotiations in the presence of a neutral third party.

• Connotation

• Arbitration

• Mediation

• Allocation

A nuisance is person, thing, or circumstance causing an inconvenience or annoyance.

• True

• False

How many states have right to farm laws?

• 47

• 48

• 49

• 50

A worker has a performance incentive of 50 cents per pallet if the crew he/she is on packs more than 75 pallets of watermelons a day. Today the crew packed 100 pallets of watermelons. What was the value of the bonus earned today?

• $7.50

• $10

• $10.50

• $12.50

What is the rule of thumb associated with how much of an incentive program a worker should have.

• 5-10%

• 15-20%

• 20-30%

• 30-35%

A type of retirement plan where the employer will match the employee’s contribution up to 5% is a 

• 401(K)

• 400(K)

• 500(K)

• 503(K)