What is a contract? Discuss its importance in business.
What will be an ideal response?
A contract is a voluntary agreement between two or more parties that the courts will enforce. All contracts must contain mutual/voluntary agreement between the parties. All contracts must also have something called consideration. Consideration is something of value given by both parties. All parties to a valid (enforceable) contract must have contractual capacity. Minors, for instance, do not have contractual capacity. Contracts must also be for a lawful purpose, and must be achieved legally. Contracts are the cornerstone of business. All parties to a contract have duties and obligations. All parties to the contract should understand their duties under the contract, the duties of the other party, and the consequences of not performing those duties—breach of contract.
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Which of the following is a traditional right of sellers?
A) the right to introduce any product in any size and style, provided it is not hazardous to personal health or safety B) the right to expect a product to be safe C) the right to expect a product to perform as claimed D) the right to consume now in a way that will preserve and sustain the world for future generations of consumers E) the right to be well informed about important aspects of a product
When amusement parks charge customers for admission and later for food and beverages, they are following a ________ pricing strategy
A) by-product B) product line C) penetration D) skimming E) two-part
Answer the following statements true (T) or false (F)
1. People cooperating on a task compensate for the invasion of their personal space by not making eye contact. 2. Dress is an integral part of the first impression we form when meeting another and is often the key to initial credibility. 3. Mostly, managers do not believe that casual dress affects the quality of work. 4. In business, speaking in a clear, firm, low-pitched voice connotes confidence and results in more attentive listening.
Discovery procedures are often used in civil actions. Identify and explain the purpose of discovery and explain one type of procedure and what can be accomplished by using it