Common Business Contract Terms

Identification of parties

Description of service or product

Quantity

Quality

Pricing

Payment

Deadline

Liquidated damages

Automatic renewal

Cancellation

Condition precedent

Condition subsequent

Deposit

Disclaimer

Entire agreement

Exclusion

Force Majeure

Governing Law

Venue

Arbitration

Indemnity

Link: https://www.canlii.org/en/ca/scc/doc/2006/2006scc21/2006scc21.html?autocompleteStr=Jesuit%20Fathers%20of%20&autocompletePos=1

Liability insurance is a common contract of business and, as such, it will contain common contract terms. Choose 4 common contract terms from the above list.

The above link to the case illustrates, a prudent businessperson must consider the type of coverage required before purchasing insurance. Use the case above to help explain the implications of the 4 common contract terms that you have chosen.