• 3.4 - Review Questions (PLG1)

Each module has a set of review questions to assist you in learning the materials and help you prepare for the final exam.

Spend quality time responding to the following questionin your owwords.

1. What is the difference between a contract and an agreement?
2. Describe the requirements for a contract to be valid. Provide a business contract example that meets thefourvalid elements of a contract.
3. Describe a contract clause (term and condition) as it relates to the whole contract. Provide two examples (title of clauses) of business contract clauses or terms and conditions.
4. Describe and evaluate the consideration required in a legal contract? Why is consideration important to a business person?