Business Law Chapter 8-1 Vocabulary Terms

Quiz
•
Business
•
9th - 12th Grade
•
Medium

Steven Wills
Used 1+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What a person demands and generally must receive in order to make his or her promise legally binding.
Forbearance
Donor
consideration
Gift
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A voluntary transfer of ownership without consideration.
Gift
Donor
Consideration
Forbearance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The person giving a gift.
Donor
Promisor
Legal Value
Promise
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person receiving a gift
Donee
Donor
Forbearance
Promisor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Refraining from doing what one has a right to do.
Donor
Donee
Promisor
Forbearance
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person who gives the promise or action in exchange for the promise or action of another.
Legal Value
Promisee
Promisor
Nominal Consideration
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person to whom the promise or action is given in exchange for the other person’s promise or action.
Gift
Promisee
Promisor
Donor
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in the legal position of a party as a result of a contract.
Consideration
Legal Value
Donor
Value
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely.
Consideration
Nominal Consideration
Donee
Donor
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