Business law quizlet chapter 7

What is term definition in business law?
Defined terms are words that are given a specific definition in a contract.
The term's definition applies in the context of the particular contract and the definitions are usually only applicable to that contract.
If you see a capitalised word in a contract, the chances are its definition is somewhere in the document..
A unilateral mistake occurs when only one party is mistaken as to the subject matter or the terms contained in the contract agreement.
This type of mistake is generally more common than other types of contract mistakes, such as a mutual mistake (an error that is shared by both parties).

What is term definition in business law?