Business Law Vocabulary #1

Front

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

Back

Contract

Front

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

Back

Tort

Front

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

Back

Liability

Front

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

Back

Breach of Contract

Front

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

Back

Intellectual Property

Front

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

Back

Arbitration

Front

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

Back

Fraud

Front

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

Back

Negligence

Front

Which of the following is NOT typically considered a form of intellectual property? Patent, Trademark, Liability, Copyright

Back

Liability

Front

What is the primary purpose of arbitration in business law?

Back

To resolve disputes outside of court