Business Law Vocab Quiz

What is the definition of a contract?

• A wrongful act or infringement of a right leading to civil legal liability.

• A legally binding agreement between two or more parties.

• Legal responsibility for one's actions or omissions.

• The failure to fulfill the terms of a contract.

Which term is defined as a wrongful act or infringement of a right leading to civil legal liability?

• Tort

• Negligence

• Fraud

• Consideration

What does liability refer to?

• Failure to take reasonable care to avoid causing injury or loss to another person.

• Legal responsibility for one's actions or omissions.

• The person or party being sued or accused in a court of law.

• Intentional deception to secure unfair or unlawful gain.

What is the definition of negligence?

• The failure to fulfill the terms of a contract.

• The authority of a court to hear and decide a case.

• Failure to take reasonable care to avoid causing injury or loss to another person.

• Something of value exchanged by the parties in a contract.

Who is a plaintiff?

• The person or party being sued or accused in a court of law.

• The person or party who brings a lawsuit against another in a court of law.

• The authority of a court to hear and decide a case.

• The failure to fulfill the terms of a contract.

What is the definition of a defendant?

• The person or party being sued or accused in a court of law.

• The person or party who brings a lawsuit against another in a court of law.

• The failure to fulfill the terms of a contract.

• Intentional deception to secure unfair or unlawful gain.

What does breach of contract mean?

• The failure to fulfill the terms of a contract.

• Legal responsibility for one's actions or omissions.

• Failure to take reasonable care to avoid causing injury or loss to another person.

• Intentional deception to secure unfair or unlawful gain.

What is consideration in the context of a contract?

• Legal responsibility for one's actions or omissions.

• Something of value exchanged by the parties in a contract.

• The authority of a court to hear and decide a case.

• Intentional deception to secure unfair or unlawful gain.

What is the definition of fraud?

• The failure to fulfill the terms of a contract.

• Legal responsibility for one's actions or omissions.

• Intentional deception to secure unfair or unlawful gain.

• The authority of a court to hear and decide a case.

What does jurisdiction refer to?

• The authority of a court to hear and decide a case.

• Legal responsibility for one's actions or omissions.

• The failure to fulfill the terms of a contract.

• Intentional deception to secure unfair or unlawful gain.