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A[n] Contract Is a Contract Created by a Party to an Agreement

question 23

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A[n] contract is a contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it basis.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Termination Provisions

Clauses within contracts that detail the conditions under which the agreement may be ended by either or both parties.

Franchise Contract

A legal agreement where a franchisor grants the franchisee the rights to use the brand, operating systems, and products or services of the franchisor for a specified period.

Laws Governing

The body of laws and regulations that establish the rules and standards applicable to specific areas, activities, or sectors.

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