key terms 3
contract
a legally binding agreement between two or more people or business
offer
a proposal to provide a good or service
acceptance
means that all parties involved must agree to the terms of the contract
consideration
means that something of value must be promised in return
capacity
a person is legally able to enter into a binding agreement
contract law
regulates how contracts are written, executed, and enforced
breach of contract
when one or more parties do not follow the agreed terms of a contract without having a legitimate reason
sales & service contracts
list the goods or services provided by a business and the price the customer pays in exchange
lease
a contract to rent something
employement contract
describes the terms of employement between a business and an employee
employer identification number (EIN)
most businesses are required to have for tax purposes. # assigned by IRS
consumer Bill or Right
the basic expectations of dair treatment of consumers
recall
an order to remote or repair unsafe products in the market
Ethics
rules of behavior based on a groups ideas about what is right and wrong
Integrity
the honesty of a person's actions
morals
are an individual's ideas of what is right and wrong
code of ethics
a document that dictates how business should be conducted
code of conduct
handbook that outlines expectations of employee behavior
confidentiality
means that specific information about a company or its employees is never shared, except with those who have clearance to receive it
proprietary information
any work created by company employees on the job that is owned by that company
trade secret
it is confidential information a company needs to keep private and protect from theft
false advertising
overstating the features and benefits of produce or making false claims about them
social responsibility
behaving with sensitivity to social, environmental, and economic issues
corporate social responsibility
includes all the actions taken by a business to promote social goods
corporate culture
describes how the owners and employees of a company think, feel, and act as a business
philanthropy
promoting the welfare of others