Types of Sales Contracts
What type of agreement is used to clarify the purchased goods or services, delivery, and obligations?
Sales Agreement
A sales agreement is primarily a contract between which two parties?
Buyer and Seller
What is the purpose of an order form?
To specify the buyer’s needs
What is the key benefit of using a Master Service Agreement (MSA)?
To set general terms for future contracts
What do Terms of Service (TOS) agreements define?
How users interact with a product or service
Which type of form is used to specify the needs of the buyer before it becomes a legally binding contract?
Order Form
Sales agreements are commonly used in which two industries?
Real Estate and Vehicle Sales
Once accepted by the seller, an order form becomes what?
Legally binding contract
Which industry commonly uses MSAs
IT Industry
Which type of business commonly uses Terms of Service agreements?
Digital businesses
Which contract modifies an existing agreement without creating a new one?
Change Order Form
What type of details are typically included in a sales agreement?
Purchased goods/services, delivery, liability, obligations
What type of projects commonly use change order forms to document client requests?
Long-term projects
What type of agreement would typically require a change order for modifications?
SOW
What intellectual asset is often protected by a TOS agreement?
Intellectual property
What is a long-term business agreement that governs future contracts and terms without needing to renegotiate each time?
Master Service Agreement (MSA)
Which contract would you use to formalize the sale of a car?
Sales Agreement
What can happen if changes are made to a contract without a change order?
Legal disputes
How does a Statement of Work (SOW) differ from a Master Service Agreement (MSA)?
A SOW is project-specific, while an MSA governs long-term terms
What is a renewal agreement used for?
To continue a previous contract with minor changes
Which document outlines deliverables, deadlines, and payment terms for a specific project?
Statement of Work (SOW)
What is the primary purpose of a sales agreement?
Which of these would require a change order form: altering a contract for new goods or renewing a contract?
Altering a contract for new goods
Which agreement would you use to manage a long-term relationship with a client in IT services?
Master Service Agreement (MSA)
What is the purpose of an upsell agreement?
To extend a renewal by adding extra goods or services