LAW204 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.

Due Date: 11:59 p.m. EST, Sunday of Unit 5
Points: 100
Overview:
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:
• Use APA format for non-legal sources such as the textbook. Use Bluebook
citation format for any legal citations.
• Submit a Word document using the template.
• Maximum two pages in length, excluding the Reference page.
Be sure to read the criteria below by which your work will be evaluated before
you write and again after you write.
LAW204 – Business Law I
Contract Terms
Evaluation Rubric for Contract Terms Assignment
CRITERIA Deficient Needs
Improvement
Proficient Exemplary
0 – 44 Points 45 – 59 Points 60 – 74
Points
75 Points
Contract
Terms
Does not
concisely and
clearly defines
most terms.
Somewhat
concisely and
clearly defines
some terms.
Mostly
concisely,
succinctly,
and clearly
defines most
terms.
Concisely,
succinctly, and
clearly defines
each term.
0 – 5 points 6 – 7 points 8 – 9 points 10 points
Paper Length More than 2
pages
n/a n/a 2 pages or less
0 – 8 points 9 – 11 points 12 – 14
points
15 points
Clear and
Professional
Writing and
APA/Bluebook
Format
Errors impede
professional
presentation;
guidelines not
followed.
Significant errors
that do not
impede
professional
presentation.
Few errors
that do not
impede
professional
presentation.
Writing and
format are
clear,
professional,
APA/Bluebook
compliant, and
error free.