What is a contract? It is ______
All legally binding contracts must contain these six elements to be enforceable by the law. They are: offer, consideration, acceptance, awareness and (choose two more).
This is ________________ .
Purpose: Governs the sale of goods or services.
Key elements: Description of goods/services, price, delivery terms.
Example scenario: A retailer orders a bulk shipment of clothing from a manufacturer.
This is ______________ .
Purpose: Specifies the terms of an employee’s employment with a company.
Key elements: Job responsibilities, salary, benefits, confidentiality clauses.
Example scenario: A tech company hires a software developer.
This is _______________ .
Purpose: Allows one party to use another’s intellectual property.
Key elements: Scope of use, royalties, limitations.
Example scenario: A software company licenses its product to a corporate client.
This is _______________ .
Purpose: Outlines the terms of a partnership between two or more entities.
Key elements: Profit sharing, management duties, dispute resolution.
Example scenario: Two entrepreneurs form a partnership to start a new café.
This is _______________ .
Purpose: To protect against losses or damages.
Key elements: Indemnification terms, liability limits.
Example scenario: A construction firm indemnifies against damages during work.
This is _____________ .
Purpose: Outlines terms for dissolving a contract.
Key elements: Termination conditions, notice requirements, final settlements.
Example scenario: A company terminates a distribution agreement with a supplier.
This is __________________ .
Purpose: To keep shared information private.
Key elements: Definition of confidential information, obligations, exclusions.
Example scenario: Employees sign to protect sensitive company data.
Here are some factors you can consider while choosing the right contract type for yourself: price and cost evaluation, complexity and type of requirements, urgency of requirements, _______, _______ (choose two more).
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