Business Contract
After numerous negotiations on the final sales price, it is time for both parties to reach an agreement. According to international import/export rules, the agreement should be in writing and signed by both sides. This formal agreement is called business contract. Before signing the contract, it is advised that every item in the contract be in accordance with the agreement. It there is anything not acceptable or to be added/deleted, the responsible party should discuss it with the other party as soon as possible. Signing the contract is done only on the basis of complete satisfaction of the buyer and the seller. After the contract is signed, this is then the only document for all business transactions to follow.
1. When can both sides reach an agreement?
A. As soon as they have first meeting.
B. As soon as they get in touch with one another.
C. After negotiations on the final sales price.
D. After the seller offers the price.
2. The agreement should be__________.
A. in written form.
3. What is a business contract ?
A. A letter written by the buyer.B. A letter written by the seller.
4. The formal agreement is based on __________?
A. the complete satisfaction of both sides.
B. the relationship between both sides.
5. The business transaction starts, ___________.
A. after the signing of the contract.
B. after the introduction of both sides.
C. after the seller offers the price.
D. after the buyer accepts the price.
Created by Ling Wang April 6, 2001
Source of information: Professor Wei Hong