The property of an operation that $a*b=a*c$ implies $b=c$ (or in other words, that multiplication by a fixed element on the left is injective) is called (left) cancellativity.
This is certainly true when we have inverses, but it is not necessary. For instance, it is not hard to see that among nonzero elements in a ring (in fact, in a distributive algebra), multiplication is cancellative (on both sides) if there are no zero divisors. This is a simple consequence of the fact that a group homomorphism is injective if and only if its kernel is trivial.
Polynomials over rings without zero divisors don't have zero divisors (proof hint: consider the leading term).