CH 3-Contracts

A legally binding agreement between two or more people or businesses.

At least how many parties must be included in a contract?

Each person who participates in a contract agreement is called a

A contract may be a written document.

A contract may be a verbal agreement.

Legal experts recommend that all contracts be

This type of contract is easier to enforce and can avoid misinterpretations.

Electronic contracts are as legal and enforceable as contracts printed on paper.

A proposal to provide a good or service

All parties agree to the terms of the contract

Something of value promised in return

A person who is legally able to enter into a binding agreement is said to haves

In order for a contract to be legally binding, all parties involved must enter the contract

When one or more parties do not follow the agreed terms of a contract without having a legitimate reason

The person making the offer

The person to whom the offer is made