Corporate Law and Contract Terms Quiz

A legal dispute arising from employment relationships.

Disputes related to rental agreements, involving tenants and landlords.

A court designed for resolving small-value claims, typically under a certain financial limit.

Standard Contract Terms; a set of pre-written clauses used in contracts.

Occurs when two businesses have different SCTs and negotiate which clauses will apply.

A principle stating that the first party to introduce their SCTs wins, even if the other party doesn't agree.

A standard contract terms (SCT) clause that is essential to the contract and cannot be unilaterally changed.

SCTs that are deemed unfair or illegal and are prohibited.

The right to possess, use, and dispose of property.

Things you can't move, like land or houses.

Things you can move, meaning you can pick them up and take them with you.

The actual control of a property, even if you don't own it.

A legal reason for transferring property to another person. For example, a contract of sale.

Acting honestly and fairly in a transaction.

Acting dishonestly and unfairly in a transaction.

The period after which a person becomes the owner of a property by possessing it for a specific duration. It depends on whether the possession was in good or bad faith, and the type of property (movable or immovable).

A legal term describing someone who has the ability and authority to enter into contracts and agreements. It's basically the legal right to act on your own behalf and make binding decisions.

Contractually, a promise to keep something safe, especially goods or property. Think of insurance.

Vicarious liability means you are responsible for the actions of another person, even if you didn't directly cause the harm. This applies to situations where you have a connection to that person, like an employer-employee relationship or a parent-child relationship.

A legal principle where someone who is harmed by a product can sue the manufacturer or seller, even if the manufacturer didn’t know about the defect. Think of a faulty product causing an injury.

When a motor vehicle is involved in an accident and there is evidence that the driver could not have prevented the accident, the injured person, who might be a pedestrian or cyclist, is also partly responsible for the accident.

In traffic law, a vulnerable road user refers to someone who is more exposed to danger during traffic accidents. This usually includes pedestrians and cyclists. In most cases, they are less likely to be held responsible for accidents involving motor vehicles.

When a vulnerable road user is involved in an accident, and they are clearly acting recklessly and causing the accident, they may bear full responsibility.

Non-committal means not making a clear promise or agreement, avoiding commitment. It's the opposite of being clear and direct.

The inability of a company to pay its debts.

A formal declaration by a court that a company cannot pay its debts and its assets will be distributed to creditors.

A legal right to own and control property.

The principle that a contract only binds the parties who signed it, not third parties.

A written acknowledgement of debt that one party owes another. It's like an informal promissory note.

The act of incorporating an organization as a separate legal entity. This means the organization is legally independent of its creators, who can be individuals or other organizations.

A legal entity separate from its owners, recognized as having its own rights and responsibilities.

A business owned and managed by a single individual. The owner is personally liable for all business debts.

A business structure involving two or more individuals, with shared ownership and responsibilities. All partners are personally liable for business debts.

A legal agreement where a person agrees to be responsible for another person's debt if that person defaults.

The legal principle that individuals (sole owners and partners) are personally liable for the debts and obligations of their businesses.

A type of business structure with limited liability for the owners (shareholders). It is often publicly traded.

A formal association of people with common goals, typically governed by a board or committee.

A type of business structure with limited liability for owners (shareholders). The shareholders have ultimate decision-making power.

A legal concept that represents a company or organization as a separate legal entity from its owners, allowing it to sue, be sued, and hold property in its own name.

An individual or entity that has an interest in a corporation, such as an owner, employee, customer, or creditor.

The financial gain or profit generated by a business after deducting all expenses.

The state of being legally responsible for one's actions or omissions. It encompasses potential legal responsibility for damages or losses.