Chapter 3 Business Law and Ethics

Question 1

Promoting the welfare of others (donating money, products, protect natural resources)

Accepted Answer

Philanthropy

Question 2

Means that all parties involved must agree to the terms of the contract

Accepted Answer

Acceptance

Question 3

The honesty of a person's actions

Accepted Answer

integrity

Question 4

The rules of behavior based on a group's ideas about what is right and wrong.

Accepted Answer

ethics

Question 5

Legally binding agreement between two or more people or businesses.

Accepted Answer

Contract

Question 6

The terms of employment between a business and employee

Accepted Answer

Employment contract

Question 7

A contract to rent something

Accepted Answer

Lease

Question 8

Means that something of value must be promised in return.

Accepted Answer

Consideration

Question 9

Means that a person is legally able to enter into a binding agreement

Accepted Answer

Capacity

Question 10

When one of more parties do not follow the agreed terms of a contract

Accepted Answer

Breach of contract

Question 11

A document that dictates how business should be conducted

Accepted Answer

Code of ethics

Question 12

A proposal to provide a good or service

Accepted Answer

Offer

Question 13

MR METCALF IS??????

Accepted Answer

BUFF, SUPER HANDSOME, RIPPED, VERY VERY VERY VERY SMART

Question 14

An order to remove or repair unsafe products in the market

Accepted Answer

recall

Question 15

Overstating the features and benefits of products or making false claims

Accepted Answer

False advertising

Question 16

Means that specific information about a company or its employees is never shared

Accepted Answer

confidentiality

Questions 16