Understanding Contracts (Grade 10 NSC Matric Business Studies): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Contract definition
Contract definition
Legally binding agreement between two or more parties
Enforceable (contracts)
Enforceable (contracts)
Courts can make you follow the agreement
Parties (contracts)
Parties (contracts)
People or businesses involved in a contract
Employment contract
Employment contract
Legal agreement between employer and employee
Premium (insurance)
Premium (insurance)
Regular payment to insurance company
Insured/Policyholder
Insured/Policyholder
Person buying insurance
Hire purchase total cost
Hire purchase total cost
More than the original price of the product
Lease agreement ownership
Lease agreement ownership
Lessee never owns the asset, only uses it
Lessor
Lessor
Person who owns the leased asset
Tenant
Tenant
Person who lives in the rental property