We Study Business Contract Law

question 18

Multiple Choice

We study business contract law

• A) in order to understand legislation that pertains to business.
• B) in order to understand and bargain for contractual obligations.
• C) in order to know when a binding contract is entered into.
• D) in order to resolve commercial disputes.
• E) in order to know consequences of breaking one's obligation.

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Definitions:

Percentage Commission

A method of compensation where an employee or agent is paid a percentage of the sales they generate or the deals they close.

Intrinsic Rewards

The personal satisfaction and enjoyment derived from completing a task or achieving a goal, independent of external rewards or recognition.

Extrinsic Rewards

Rewards given to employees that are external to the job itself, such as pay, benefits, bonuses, and promotions, aimed at motivating employees' performance.

Internal Promotions

The practice of filling vacancies within an organization by promoting existing employees rather than hiring externally.