Business Law Vocabulary #1

What is a legally enforceable agreement between two or more parties called?

• Tort

• Contract

• Liability

• Arbitration

Which term refers to a civil wrong that causes harm or loss to another person?

• Breach of Contract

• Fraud

• Tort

• Negligence

What is the term for the legal responsibility for one's actions or omissions?

• Liability

• Arbitration

• Contract

• Intellectual Property

What is it called when one party fails to fulfill their obligations under a contract?

• Tort

• Breach of Contract

• Negligence

• Fraud

Which term refers to creations of the mind, such as inventions, literary and artistic works, and symbols?

• Intellectual Property

• Liability

• Arbitration

• Contract

What is the process called where a neutral third party helps resolve a dispute outside of court?

• Tort

• Arbitration

• Fraud

• Negligence

Which term describes a deliberate deception to secure unfair or unlawful gain?

• Breach of Contract

• Fraud

• Liability

• Tort

What is the failure to take proper care in doing something, resulting in damage or injury to another?

• Negligence

• Arbitration

• Contract

• Intellectual Property

Which of the following is NOT typically considered a form of intellectual property?

• Patent

• Trademark

• Liability

• Copyright

What is the primary purpose of arbitration in business law?

• To create a contract

• To resolve disputes outside of court

• To establish liability

• To commit fraud