Part one of term paper
A contract is an agreement that is enforceable by law. Modern business could not exist without such . Most business transactions involve commitments to furnish goods, services, or real property; these commitments are usually in the form of . Use of the contract in business affairs ensures, to some extent, the performance of an agreement, for ...

Part two of term paper
... (for example, "I will pay $1,000") and a request for something in return (a person's car). The acceptance consists of an assent by the party to whom the offer is made, showing that the person agrees to the terms offered. The offer may be terminated in a number of ways. For example, the party making the offer may cancel it (a revocation), or the party to whom the offer is made may reject it. When the party to whom the offer is made responds with a different offer, called a counteroffer, the origina ...