Contract terms

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 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. Requirements: 

Unit 5 Assignment Contract Terms Template

LAW204 – Business Law I

Quoted Definition with Citation

Definition (in your own words)




Bilateral Contract

Unilateral Contract

Promissory Estoppel


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