Daily Archives: September 17, 2015

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Business Terms

Certain terms hold different meanings in business. Below is a list of terms, and their definitions, commonly used when conducting business. Acceptance – the unconditional agreement to an offer. Acceptance creates a contract. Before acceptance, any offer can be withdrawn, but once accepted the contract is binding on both sides. Any conditions have the effect of a counter offer that the other party must accept. Agent – somebody appointed to act on behalf of another person, known as the principal. The amount of authority the agent has is subject to agreement between the principal and the agent. However, unless told Read more