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. Instructions:

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.