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.

• 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.

	Quoted Definition with Citation	Definition (in your own words)	Example
Offer
Acceptance
Bilateral Contract
Unilateral Contract
Promissory Estoppel