FSE 217 Business Law

The law of the land in the United States is the

U.S. Constitution

If a person has the right to make decisions concerning the disposal of a deceased human remains, they also have the right to:

all of the preceding

a contract must always be

an agreement

To read the charge of an indictment is

to arraign

Which of the following is not a type of inferior state court?

Juvenile court

Laws enacted by legislative bodies are

Statutes

Common law is based on

customs

A breach of contractual obligation other than money is

default

In an auction, goods which are offered for sale that cannot be withdrawn are classified as

goods offered without reserve

The person who signs a promissory note and is obligated to pay at maturity is called the

maker of the note

Which of the following is not a necessary?

movie ticket

All physical items that are not real property are classified as

personal property

Defamation of character by spoken words or gestures is

slander

In the field of business law, the most important statute is

the Uniform Commercial Code

Any rate of interest above the maximum rate allowable by law is said to be:

usurious

A contract enforced by the courts is:

valid

A contract made by an insane person who has not been declared so judicially is

voidable

Price fixing agreements are

illegal

A contract made by a person who is so intoxicated as to be unawared of the consequences is

voidable

One who ships goods by a common carrier is called:

a consignor

The party appointed by another to act in his/her name in forming contracts with third parties is

an agent

A contract in which the duties and obligations assumed by the parties are not verbalized but indicated by their actions is known as

an implied contract.

For the average citizen, the most important courts of the state court system are the

courts of original general jurisdiction.

A person to whom a debt is owed is called a:

creditor

Reducing the dead human body to ashes by intense heat is termed:

cremation

A contract whose terms have been fully carried out is

executed

A term involving a relation of trust and confidence is called:

fiduciary

In a partnership, each partner is liable:

for all of the firm's debts

Accord and satisfaction is an agreement made an executed in satisfaction of the rights one has

from a previous contract.

The _____________ estate is one in which the liabilities exceed the essets of the estate.

insolvent

The power or authority which each court has to hear cases is called

jurisdiction

Courts concerned with delinquent, dependent, and neglected children are called

juvenile courts.

Caveat Emptor means

let the buyer beware

A partnership in which one partner's liability is limited to a capital contribution only is a

limited partnership

Person who sign a promissory note and obligate themselves to pay at maturity are called the

makers

Oral contracts are

spoken

A breach and the filling of a will following the death is known as:

tort

When the duty of care that a motorist owes other motorists and pedestrians is breached and results in injury or damage to another, that motorist has committed a

tort

Reasonable care, under the circumstances, is a required standard in ordinary bailments by the

bailee

The law whose purpose is to compensate the aggrieved, not to punish the wrongdoer is

tort law

Court of Original General Jurisdiction

trial court

A contract made by a person who is so intoxicated as to be unaware of the consequences is

voidable.

A permanent order, issued by a court, forbidding activities which would be detrimental to others is

a writ of habeus corpus

A federal court of appeals is

an appellate court

Real property is that which is:

consists of land, certian attachment thereto, and all rights held for the use of the land

The funeral director has rights and lawful duties which arise from ________ and those granted by statute.

contract

the two essential elements of a contract are

3. There must be an offer 4. There must be acceptance

The person protected against a loss is the

policy holder

An indorsement which limits the liability of the endorser is called a

qualified indorsement

A contract in which the parties make known their intentions by words is

an express contract

A draft drawn on a bank and payable on demand is a

check

For certain contracts to be enforceable they must be in writing accoring to the Statute of Frauds. They include

3. contracts for sales of $500 or more. 4. contracts that can't be completed in one year.

A sealed written contract usually issued by a corportation, a municipality, or a government which contains a promise to pay a sum certain in money at a fixed or determinable future time is

a bond

The recorder in state and federal courts is the

clerk

the party who appoints an agent is the

principal

The ____________ court is the one having jurisdiction over estates.

probate

The proving and the filing of a will following the death is known as:

probate

Land, timber, minerals, building, and other man-made property permanently attached to land are called

real property

A person who dies leaving a valid will is called a/an:

testator

Which of the following persons would most likely have the primary rights to control funeral arrangements?

the decendent's adult daughter

Customs which have come to be recognized by the courts as law describes

common law

The right a minor has to avoid a contract is termed

disaffirmance

The violation of the terms of a contract is referred to as

breach of contract.

Parol evidence is

spoken words

Which of these has the secondary right to control final disposition of a decendent?

state

Ownership of corporate stocks is represented by

stock certificates

Personal property which can be seen and touched is ________ personal property

tangible

Personal property which can be seen and touched is ________ personal property.

tangible

A written agreement such as a deed or a bond delivered to a third person. He is to deliver it to the grantee only upon performance of fullfillment of a specific condition. This type of agreement is known as:

a conditional

A life insurance policy in which premium payments continue to death or until age 100, whichever occurs first, is

a whole-life policy.

An agent that has been appointed by a sealed written authorization which states that the agent is to act in the principal's behalf is

an attorney in fact

A person who gives possession of, but not title to, presonal property to another is a ______________.

bailor

In a bailment, the person who retains title but gives up possession of the goods is the

bailor

The person who receives the proceeds from an insurance policy is called the

beneficiary

Courts that handle divorce and child custody cases are known as

demestic relations courts

Another name for a prosecutor is

district attorney

A means of destroying another's free will by obtaining his consent to a contract by means of threat to do him some harm is:

duress

Dying without having completed any type of will is said to be a state or condition known as:

intestate

Failure to exercise reasonable care toward another party is known as

negligence

Is a funeral director liable for a volunteer pallbearer that closes the car door on the fingers of another volunteer pallbearer?

no

"Anything unlawful that worketh hurt, inconvenience, or that is offensive to the senses" the court terms as a/an:

nuisance

A process may be referred to as

summons

A carrier owned by a shipper for the purpose of shipping its own goods is

a private carrier

A contract which is based upon acts being done is consideration for a promise is called

a unilateral contract.

Laws that are designed to protect or prevent any individual from controlling a large share of a maket or products are

anti-trust laws

Law designed to prevent one individual or group from controlling too large a share of the market for a product are called

antitrust laws

The means whereby one party conveys his rights in a contract to another who is not a party to the original contract is called

assignment

The person against whom legal action is being brought in court is:

a defendant

consists of land, certian attachment thereto, and all rights held for the use of the land

a lien

The dissection of a dead human remains for the educational of learning value derived therein is termed:

autopsy

A document of title which sets forth the contract between the shipper and carrier is the

bill of lading

The party who makes the offer is the

Offeror

The requirement for a valid offer includes which of the following?

1. It must appear to be seriously intended 3. It must be communicated to the offeree

laws enacted by legislative bodies are

Statutes

The election to void a contract is called

disaffirmance

The statute listing certain classes of contracts which must be in writing to be enforceable is called the

Statute of Frauds

When one party to a contract breaches it, the other party has the right to sue for breach of contract, but he must exercise this right within the time fixed by a statute which is called

Statute of Limitations.

A funeral director tells a family, " I'll have my man go by your house to pick up you folks at 5:30 this evening with my limo" The funeral home is actually renting the car and driver from a livery service. What happens if there's an accident?

Probably the funeral director is liable since he held out the car and driver as his own.

The Statute of Frauds states that for contracts classified under this statute to be enforceable they must be

written contracts