Ch. 3 Business Law and Ethics Review

Something of value promised in a contract is called _________.

• articles

• goods

• consideration

• fees

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

• report

• contract

• document

• receipt

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

• request

• discussion

• contract

• offer

Promoting the welfare of others is called ______.

• good deeds

• goodwill

• philanthropy

• charity

When one or more parties do not follow the agreed terms of a contract it is called:

• cancellation

• breach of contract

• damaged contract

• broken agreement

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

• set of standards

• proxy

• handbook

• code of ethics

A(n) ________ contract lists the products and services provided by a business and the prices the customer has to pay.

• partnership

• lease

• employment

• sales and service

Principles that help define appropriate behavior in a business setting are:

• business rules

• business ethics

• company standards

• laws

How the owners and employees of a company think, feel and act as a business:

• corporate culture

• philanthropy

• code of conduct

• trade secret

Overstating the features and benefits of products or making false claims about them:

• Environmental Law

• False Advertising

• Breach of contract

• acceptance