Worksheets3.1 Legal Environment
Total questions: 25
Worksheet time: 23mins
legally binding agreement between two or more people or businesses
offer
lease
recall
contract
each person who participates in a contract agreement is called a
contract
party
offer
contract
contracts ensure
customers understand their role & rights in a sales transaction
businesses have the materials & resources needed to operate
all parties understand the terms of the agreement & consequences for not performing
may be written or verbal
easier to enforce and can avoid misinterpretations
written
verbal
is a proposal to provide a good or service
offer
acceptance
consideration
intention of legal consequences
means that all parties involved must agree to the terms of the contract
offer
acceptance
consideration
intention of legal consequences
means that something of value must be promised in return
consideration
acceptance
offer
intention of legal consequences
Time management is the practice of organizing time & work assignments to increase personal efficiency
The parties entering into the contract must understand that it can be enforced by law
offer
intention of legal consequences
acceptance
consideration
Goods, services, and actions involved in a contract must be legal.
a person is legally able to entr into a binding contract
capacity
contract law
breach of contract
consideration
regulates how contracts are written, executed, and enforced
capacity
consideration
contract law
sales contract
when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
break contract
tear up contract
breach of contract
build contract
elements of contract
offer
acceptance
consideration
intention of legal consequences
It is important to carefully read & understand all legal documents before signing.
True
False
list the goods or services provided by a business and the price the customer pays in exchange
sales & service contracts
lease
partnership agreement
buying contract
contract to rent something
property lease
equipment lease
service contract
lease
property lease
type of activity that will take place
length of time to use
how much will be paid
software license
may be considered a type of lease
publisher keeps ownership of software
only used in ways described
user agrees when installed
partnership agreement
contract used when two or more individuals create a business
states how much each person invests
each persons responsibilities
split profits & losses
employment contract
terms of employment between a business & an employee
describes how long employment will last
how much the employee will be paid
benefits provided by the business
information on trade secrets
Reorder the following: The US legal system interprets & enforces laws & regulations, includes those that apply to businesses.
rules
law
regulations
Employer identification number (EIN)
required for tax purposes
assigned by the IRS for businesses to use federal tax returns & forms
Partnerships required to have
corporations required to have
sole proprietor with one employee required to have
Consumer Bill of Rights
four presented by President John F Kennedy in 1962 to Congress
basic expectations of fair treatment of consumers
have expanded from 4 to 8
regulated by IRS
an order to remove or repair unsafe products in the market
offer
recall
acceptance
consideration
