Legal English: Vocabulary Used In Contacts 1

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Questions: 10 | Attempts: 890 | Updated: Mar 20, 2023

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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
Correct Answer
A. Hereinafter referred to

Explanation
The phrase "hereinafter referred to" is used to indicate that the entity mentioned (KFC, Inc) will be referred to by a specific name or term in the future. It is a legal term commonly used in contracts to provide clarity and avoid repetition when referring to a party throughout the document.

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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
Correct Answer
B. Hereby

Explanation
The word "hereby" is the correct answer because it is used to indicate that the Buyer is purchasing the assets mentioned in the agreement. It is commonly used in legal and formal documents to establish a connection or obligation between parties. In this context, "hereby" signifies that the Buyer is making the purchase in accordance with the terms and conditions stated in the agreement.

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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
Correct Answer
A. As of

Explanation
The phrase "as of" is used to indicate a specific point in time. In this context, it means that all accounts receivable owned by the Seller are being referred to as of July 5, 2008. The phrase is commonly used in financial statements and contracts to specify the date at which a particular information or transaction is valid.

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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
Correct Answer
A. In and to

Explanation
The phrase "in and to" is used to convey ownership or possession. In this context, it means that Robert J. Rosa has full ownership and control over the title and interest related to his name. The phrase "in and to" is commonly used in legal documents to specify the extent of someone's rights or ownership.

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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
Correct Answer
B. Hereof

Explanation
The correct answer is "hereof". In this context, "hereof" is used to refer back to the document itself, indicating that the inventory listed on "Schedule B" is a part of the document being referred to. The sentence further explains that the inventory is necessary to fulfill the orders listed on "Schedule C" within the same document.

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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
Correct Answer
D. Said

Explanation
The correct answer is "said". In this sentence, the word "said" is used as a verb to indicate that something has been mentioned or stated previously. It is used to refer to the separation of liabilities and creditors into different categories.

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7.

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

Explanation
The word "on" is the correct answer because it is commonly used to indicate the time or date when something will happen. In this context, it suggests that the liens on the machinery and equipment will be satisfied at the time of the closing, using the proceeds from the sale.

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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
Correct Answer
C. Assets

Explanation
The purchase price for all assets purchased hereunder is the sum of Six Hundred Fifty Thousand Dollars ($650,000). This means that the total amount being paid for all the assets being purchased is $650,000.

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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
Correct Answer
B. Upon

Explanation
The correct answer is "upon". This means that the payment of the commissions will be made immediately after each quarter-annual period, based on the net monies received from sales to the customers during that period.

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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
Correct Answer
A. Stating

Explanation
The correct answer is "stating". In the given sentence, the word "stating" fits logically as it suggests that the quarterly reports provided by the Seller to the Buyer should clearly mention or indicate how the amount of commissions was calculated and also list all the sales for which the commissions were applied. This ensures transparency and allows the Buyer to verify the accuracy of the commissions. The other options ("deducting", "observing", and "eliminating") do not convey the same meaning and are not appropriate in this context.

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Dec 11, 2008

Quiz Created by
Smartteachingonl

Legal English: Vocabulary Used In Contacts 1

AGREEMENT made this second day of Novemeber, 2008, between KFC, Inc ______________ as "Seller", a Kentucky corporation having its offices at Melrose 234...

FIRST: Seller is ___________ selling and Buyer is hereby purchasing the following assets ("Assets") of Seller at the price, terms and conditions hereinafter set forth:

1. All accounts receivable owned by Seller ________ July 5, 2008 as listed on "Schedule A," annexed hereto and made a part hereof.

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.

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.

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.

All liens _____ machinery and equipment sold hereby will be satisfied from the proceeds of closing.

The purchase price for all _____________ purchased hereunder is the sum of Six Hundred Fifty Thousand Dollars ($650,000).

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.

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.