Overview: Regardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager knowledge of these basic terms will assist you in the day to day operations of the business, regardless of the field.

Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Overview: Regardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager knowledge of these basic terms will assist you in the day to day operations of the business, regardless of the field. Instructions:

 

• Fill in the attached template. Unit 5 Assignment Contract Terms Template.docx

 

• For each term, define the term with citation to authority, define the term in your own words and provide an example of each term. Requirements:

 

• Use APA format for non-legal sources such as the textbook. Use Bluebook citation format for any legal citations. • Submit a Word document using the template. • Maximum two pages in length, excluding the Reference page.

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