Basic contract terms


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. 

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• 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.

 Be sure to read the criteria below by which your work will be evaluated before you write and again after you write.

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