BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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partnership
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lease
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sales and service
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employment
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Detailed explanation-1: -Fixed-price contracts, also known as firm-price or lump-sum contracts, are agreements in which the two parties state the goods or services one party will provide and establish the price the other party will pay for them.
Detailed explanation-2: -Quid pro quo describes an agreement between two or more parties in which there is a reciprocal exchange of goods or services. The phrase is Latin for “something for something.” Courts may render a business contract void if it appears unfair or one-sided, and so a quid pro quo consideration is often warranted.
Detailed explanation-3: -A business partnership agreement is a legal document between two or more business partners that spells out the business’s legal structure and purpose.
Detailed explanation-4: -Business contracts should include all details about the exchange, including payment, the type of goods or services, and the responsibilities of each party. A business contract will protect both the buyer and seller in the event the other party doesn’t hold up their end of the agreement.