R​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​egardless of whether you own a business or are a stakeholder in a business, understanding basic contract terms is important. Businesses enter into contracts with many areas, from shipping to suppliers to customers. As a business owner or manager knowledge of these basic terms will assist you in the day to day operations of the business, regardless of the field. Instructions:•Fill​‌‍‍‍‌‍‍‌‍‌‌‍‍‍‌‍‌‌‌‍​ in the attached template. For each term, define the term with citation to authority,