Questions and Answers
Why do most businesses prefer to use written contracts?
They are easier to reference later and less ambiguous
Which of the following best describes a contract?
A legally binding agreement between parties that outlines the terms of engagement for a transaction
What is the role of contract law?
To govern the formation and enforcement of contracts
What do contracts determine in the business world?
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What are the two types of contracts mentioned in the text?
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True or false: Contract law is not important in the business world.
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True or false: Contracts can only be written, not verbal.
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True or false: Written contracts are more enforceable than verbal contracts.
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True or false: Contract law governs the formation and enforcement of contracts.
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True or false: Contracts outline the specific terms of engagement for a transaction.
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