Unit 2 Bus/Mar/Fin

Question 1

contract

Answer 1

a legally binding agreement between two or more people or businesses

Question 2

offer

Answer 2

a proposal to provide a good service.

Question 3

acceptance

Answer 3

means all parties involved must agree to the terms of the contract.

Question 4

consideration

Answer 4

means that something of value must be promised in return.

Question 5

capacity

Answer 5

means that a person is legally able to enter into a binding contract.

Question 6

contract law(s)

Answer 6

regulates how contracts are written,executed and enforced.

Question 7

breach of contract

Answer 7

when one or more parties does not follow the agreed terms of a contract with ought a legitimate reason.

Question 8

sales and service contract

Answer 8

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

Question 9

employment contract

Answer 9

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

Question 10

lease

Answer 10

a contract to rent something.

Question 11

Fair competition

Answer 11

you can not force/lie about your product to people.

Question 12

Employer identification number

Answer 12

a number assigned by the IRS for businesses to use when preparing federal tax returns and forms of business finance.

Question 13

US department of labor

Answer 13

enforces workplace laws and regulations.

Question 14

The consumer bill of rights

Answer 14

a document that outlines 8 basic expectations that ensure the fair treatment of consumers.

Question 15

recall

Answer 15

and order to remove or repair unsafe products in a market.