Key Vocabulary
A legally enforceable agreement between two or more parties.
Contract
One party proposes a deal
Offer
A set of rules established and enforced by a government to regulate behavior and protect people and property.
Law
Money returned to a customer, because a purchase is canceled, returned, or not property provided.
Refund
Create duties and expectations for the parties
Contracts
Agreement to the terms of an offer
Acceptance
Consideration
People who purchase or use goods and services.
Consumers
A person or business involved in an agreement or contract.
Party
Businesses
A proposal made by one party showing a willingness to enter into a contract.
Offer
The parties generally must have legal ability to enter the contract.
Capacity
An organization or activity that provides goods or services to customers in exchange for money, usually with the goal of making a profit
Business
A person who purchases or uses goods or services.
Consumer
Consumers should read terms and ________ before agreeing to a purchase.
Conditions
A mutual understanding or arrangement between parties.
Agreement
The other party agrees to the offer
Acceptance
People who work for a business or organization in exchange for wages or a salary.
Employees
An exchange involving goods, services, money, or other value.
Transaction
automatically valid and enforceable contract just because two people discussed a deal
Agreement
Something of legal value exchanged by the parties, such as money, goods, services, or a promise.
Consideration
The purpose of the agreement must be lawful
Legality
The body of laws that governs how businesses operate and interact with consumers, employees, other businesses, and the government.
Business Law
Failure to perform a duty or obligation required by a contract
Breach of contract
Depending on the situation a breach can to these remedies
Refund, damages, or other legal relief