What is the difference between a contract and an agreement
- 3.4 - Review Questions (PLG1)
Each module has a set of review questions to assist you in learning the materials and help you prepare for the final exam.
Spend quality time responding to the following questionin your owwords.
- What is the difference between a contract and an agreement?
- Describe the requirements for a contract to be valid. Provide a business contract example that meets the fourvalid elements of a contract.
- Describe a contract clause (term and condition) as it relates to the whole contract. Provide two examples (title of clauses) of business contract clauses or terms and conditions.
- Describe and evaluate the consideration required in a legal contract? Why is consideration important to a business person?