Chapter 3
contract
legally binding agreement between two or more parties
offer
proposal by one party to enter into a contract
consideration
something of value exchanged between parties in a contract
capacity
legal ability of a person to enter into a contract
philanthropy
private initiatives
lease
contract granting temporary use of property in exchange for payment
breach of contract
failure to fulfill the terms of a contract
sales and service contract
contract specifying the sale of goods or provision of services
business ethics
principles guiding moral conduct in businesses
code of ethics
guidelines for ethical behavior in an orginazation
proprietary information
information owned by a company that is not public
corporate social responsibility
includes all the
actions taken by a business to promote social good
EIN
unique number assigned to business for tax purposes
morals
personal beliefs about right and wrong
software license
permission to use software under defined terms
partnership agreement
a contract between partners defining roles, responsibilities, and profit sharing
collective bargaining
negotiation between employers and a group of employees over employment terms
recall
request to return or fix defective products
acceptance
agreeing to the terms of an offer
contract law
the body of law governing contracts and agreements
employment contract
contract outlining the terms of employment
social resposiblitiy
duty to act in ways that benefit society
code of conduct
specific rules employees must follow in organization
corporate culture
shared values, beliefs, behaviors
trade secrets
confidential business information