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 t

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.