Contract Terminology - Answer Sheet

1. A ______ is a formal agreement between two or more parties.
Answer: b) contract

2. The ______ of a contract are the details about what each party must do.
Answer: c) terms

3. To make a contract valid, all parties must ______ it.
Answer: b) sign

4. An ______ is something that a party is legally required to do.
Answer: a) obligation

5. When a contract reaches its ______ date, it is no longer in effect.
Answer: b) expiry

6. You can ______ a contract to make changes or add new terms.
Answer: c) amend

7. A ______ is a smaller part of a larger contract.
Answer: a) clause

8. If you don't follow the contract, it can lead to a ______.
Answer: b) breach