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