Principle Of Business Question Preview (ID: 39570)


Business Law And Social Responsibility. TEACHERS: click here for quick copy question ID numbers.

A ____ is a legally binding agreement between two or more people or businesses
a) receipt
b) contract
c) document
d) Report

A(n) ____ is a proposal to provide a good or service.
a) contract
b) discussion
c) request
d) offer

Something of value promised in a contract is called ____.
a) consideration
b) goods
c) articles
d) fees

____ means that a person is legally able to enter into a binding agreement.
a) Qualifications
b) Sound mind
c) Competence
d) Capacity

Promoting the welfare of others is called ____.
a) charity
b) philanthropy
c) good deeds
d) goodwill

A(n) ____ is a contract to rent something.
a) lease
b) agreement
c) license
d) hand shake

When one or more parties do not follow the agreed terms of a contract without having a legitimate reason a ____ occurs.
a) damaged contract
b) cancellation
c) breach of contract
d) broken agreement

A(n) ____ contract lists the products or services provided by a business and the price the customer pays in exchange.
a) sales and service
b) partnership
c) lease
d) employment

Principles that help define appropriate behavior in a business setting are ____.*
a) laws
b) business rules
c) business ethics
d) company standards

____ is a document that dictates how business should be conducted.
a) set of standards
b) code of ethics
c) proxy
d) handbook

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