Legal English: Vocabulary Used In Contacts 1

10 Questions | By Smartteachingonl | Last updated: Mar 20, 2022 | Total Attempts: 865

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This is an exercise to practice some terms commonly used in contracts. Read the paragraph and choose the term that fits best in the blank space provided.

Questions and Answers

1.

AGREEMENT made this second day of Novemeber, 2008, between KFC, Inc ______________ as "Seller", a Kentucky corporation having its offices at Melrose 234...
- A.
  
  Hereinafter referred to
- B.
  
  Called in the future
- C.
  
  Named after
- D.
  
  Known above as
2.

FIRST: Seller is ___________ selling and Buyer is hereby purchasing the following assets ("Assets") of Seller at the price, terms and conditions hereinafter set forth:
- A.
  
  Hereof
- B.
  
  Hereby
- C.
  
  Hereto
- D.
  
  Here
3.

1. All accounts receivable owned by Seller ________ July 5, 2008 as listed on "Schedule A," annexed hereto and made a part hereof.
- A.
  
  As of
- B.
  
  The
- C.
  
  In
- D.
  
  At
4.

All right, title and interest _________ the name Robert J. Rosa, which name Seller warrants and represents to be the only trade name and trademark used by Seller in the course of its business.
- A.
  
  In and to
- B.
  
  On
- C.
  
  Of
- D.
  
  From
5.

All inventory listed on "Schedule B" annexed hereto and made a part _________. Seller represents that said inventory provides certain of the parts, supplies and other items necessary to fill the orders listed on "Schedule C" hereof.
- A.
  
  Herewith
- B.
  
  Hereof
- C.
  
  Hereunder
- D.
  
  Herein
6.

As of this date ________ liabilities and creditors are separated into the following: secured creditors, lessors of machinery and equipment, etc., tax liabilities and unsecured creditors.
- A.
  
  That
- B.
  
  A
- C.
  
  This
- D.
  
  Said
7.

All liens _____ machinery and equipment sold hereby will be satisfied from the proceeds of closing.
- A.
  
  In
- B.
  
  Under
- C.
  
  On
- D.
  
  At
8.

The purchase price for all _____________ purchased hereunder is the sum of Six Hundred Fifty Thousand Dollars ($650,000).
- A.
  
  Object
- B.
  
  Goods
- C.
  
  Assets
- D.
  
  Liabilities
9.

Payment of the aforesaid commissions shall be paid within thirty (30) days after each quarter-annual period, based _________ net monies received from sales to such customers during said quarter-annual period.
- A.
  
  In
- B.
  
  Upon
- C.
  
  Thereon
- D.
  
  Within
10.

Seller shall provide Buyer with quarterly reports __________ how the amount of commissions was arrived at and listing all such sales, and Seller shall have the right, at its expense, to audit such reports, at times and places convenient to Buyer.
- A.
  
  Stating
- B.
  
  Deducting
- C.
  
  Observing
- D.
  
  Eliminating