Business Law Chapter 8-1 Vocabulary Terms

Business Law Chapter 8-1 Vocabulary Terms

9th - 12th Grade

9 Qs

quiz-placeholder

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Business Law Chapter 8-1 Vocabulary Terms

Business Law Chapter 8-1 Vocabulary Terms

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Steven Wills

Used 1+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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

Media Image

A voluntary transfer of ownership without consideration.

Gift

Donor

Consideration

Forbearance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The person giving a gift.

Donor

Promisor

Legal Value

Promise

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A person receiving a gift

Donee

Donor

Forbearance

Promisor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Refraining from doing what one has a right to do.

Donor

Donee

Promisor

Forbearance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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

Media Image

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

Media Image

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

Media Image

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