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Chapter 3.1
Chapter 3 Vocabulary
| Term | Definition |
|---|---|
| Contract | legally binding agreement between two or more people or businesses |
| offer | a proposal to provide a good or service |
| acceptance | means that all parties involved must agree to the terms of the contract |
| consideration | means that something of value must be promised in return |
| capacity | means that a person is legally able to enter into a binding agreement |
| contract law | regulates how contracts are written, executed, and enforced |
| breach of contract | is when one or more parties do not follow the agreed terms of a contract without having a legitimate reason |
| sales and service contract | list the goods or services provided by a business and the price the customer pays in exchange |
| lease | a contract to rent something |
| employment contract | describes the terms of employment between a business and an employee |
| employer identification number | number assigned by the IRS for businesses to use when preparing federal tax returns and forms |
| Consumer Bill of Rights | basic expectations of fair treatment of consumers |
| recall | an order to remove or repair unsafe products in the market |
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