Business & Mortuary Law Comp Study Guide

Ownership in corporate stocks is represented by?

A stock certificate

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 known as?

An attorney-in-fact

What kind of contract exists when the parties make known their intentions by words?

An express contract

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

Anti-trust laws

A federal court of appeals is an example of what type of court?

Appellate Court

Price fixing agreements are?

Illegal

An agent's duty to their principal includes?

Loyalty and good faith, obedience and reasonable skill and diligence.

The party who makes an offer is the?

Offeror

A nuncupative will is an?

Oral Will

A deposit of a tangible personal property as security for some debt or obligation is a?

Pawn

What is known as false testimony?

Perjury

A funeral home's vehicle is considered to be what kind of carrier?

Private Carrier

If a contract is not classified as a formal contract, it is considered to be a?

Simple Contract

Oral contracts are?

Spoken

What is a check that a bank drawn on its own funds and is signed by a responsible bank official but may be used by anyone to pay a debt?

A cashier's check

What is a fact that could alter one's decision to enter into a legal binding contract?

A material fact

A breach of contractual obligation other than money is?

Default

A term which means the transfer of one's duty alone without transfer of rights is?

Delegation

When dealing responsibly with the media, an ethical funeral director should be?

Discrete in the information he/she releases

Exhumations pertains to what?

Disinterment

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

Duress

The right that one person has to use the property of another for a special purpose is known as an?

Easement

What is known as the fidelity to moral principles?

Integrity

When one dies without a will, a person is?

Intestate

A joint and several contract is written so that either party may consider it as a?

Joint obligation or a group of individual obligations

What means the same as autopsy?

Necropsy

What occurs when there is a change of parties with the formation of a new contract?

Novation

The party who institutes a court action is the?

Plaintiff

The power to adopt laws for the protection of the public is known as?

Police Power

The consideration of an insurance policy is a?

Premium

The party who appoints an agent is the?

Principle

The court that has jurisdiction over estates is?

Probate Court

What is an action to recover possession of property unlawfully detained?

Replevin

A temporary order forbidding a certain action is a?

Restraining order

A person who dies leaving a valid will is a?

Testator

The body of law whose purpose is to compensate the aggrieved not to punish the wrongdoer is?

Tort Law

True or False: Juvenile court is not a type of inferior court.

True

True or False: The courts have adopted a quasi-property theory in regards to dead human bodies

True

Quasi-property means?

Almost property

The most common method of creating an agency is by?

Appointment

The power of a government to take private property against the objection of the owner for a public purpose is known as?

Eminent Domain

What moral stage occurs when individuals consider universal moral principles which supersede the authority of the group?

Kohlberg's Post-conventional Stage

This moral stage of development has moral reasoning based on reward and punishment

Kohlberg's pre-conventional stage

A charge against another's property as security for a debt or claim is a?

Lien

Embalming is a form of?

Mutilation

A written insurance policy is a?

Policy

A restatement of one's willingness to be bound by his promises made during minority is?

Ratification

Parol Evidence is?

Spoken Words

The highest court of the state is the?

State Supreme Court

Who is the person who receives the proceeds from insurance policies?

The Beneficiary

Who is an individual who brings together contracting parties?

The Broker

A declaration or public statement of professional standards of right and wrong conduct is?

The Definition of code of ethics

Who is the person who signs a promissory note and is obligated to pay at maturity?

The Maker of the Note

Who is not considered to be consanguineous?

The Wife

When gifts of money are reduced at probate due to insufficient amounts left after payment of bills against the estate, what happens to the amounts?

The amounts are abated.

An agency is termed by operation of law when what occurs?

When either parties dies, you have destruction of the subject matter, or the bankruptcy of the principal

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

Written Contracts

A personal representative of the decedent appointed by the court to carry out the provisions of a will is an?

Executor or Executrix

Goods which are owned by the seller and are physically in existence at the time of the contract are known as?

Existing Goods

Caveat Emptor means?

"Let the buyer beware"

A will written in longhand by the testator is?

A holographic will

When a sovereign state issues rules prescribing what is right and wrong, the rule is called what? It is supported by?

A law and is supported by penalties

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

A whole life insurance policy

A formal written command issued by a court of law is known as?

A writ

What is known as the rules, ideas, and the beliefs shared by members of society for living an dying, which are learned directly or indirectly?

Culture

A principal duty's to agents include?

Indemnification, Reimbursement and compensation

A person below the adult age is considered to be a?

Minor

Usually the right of decent disposal belongs to the?

Surviving Spouse

A breach of the duty of care one individual has toward others is a?

Tort

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

Unilateral Contract

What refers to excessive interest?

Usury

Any contract where fraud is involved are considered to be?

Void

Any contracts by individuals who have been declared insane by the courts are considered to be?

Void

The contracts of a person who has been declared insane by the courts are considered?

Void

A contract made by a person who is so intoxicated as to be unaware of the consequence of his/her actions is?

Voidable

Contracts in which fraud is proven are considered to be?

Voidable

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

What is a contract between a principal and an agent to create a relationship?

An agency

The person who retains title but gives up possession of a body is the?

Bailor

A seal written contract usually issued by a corporation, a municipality or a government which contains a promise to pay a sum certain in money at a fixed or determinable future time is known as a?

Bond

What can be defined as what is good and moral in business transactions?

Business Ethics

The doctrine of stare decisis pertains to?

Case Law

An addition or modification of a will is known as a?

Codicil

Factors del cruder are?

Commission Merchants

Delta Airlines is considered to be a?

Common Carrier

What kind of law is based on customs?

Common Law

The major source of mortuary law is based on?

Common law

The failure to volunteer or reveal information not requested is termed?

Concealment

When a buyer makes a selection of good which are to be purchased from the seller, the goods are classified as?

Identified Goods

A lien or mortgage against real property is?

Encumbrance

Blank, conditional and restrictive are considered to be types of?

Endorsements

Where was common law developed?

England

An ethical funeral director is expected to be knowledgable and give factual representation of what items?

Financial issues, merchandise selections, and disposition options

What contracts are under seal?

Formal Contracts

A contract under seal is known as?

Formal Seal

Do unto others as you would have them do unto you is the?

Golden Rule

In an auction, goods which are offered for sale and they cannot be withdrawn are known as?

Goods offered without reserve

A reason or desire that acts as a catalyst to spur one to a specific action is known as?

A motive

What is a reason or desire that acts as a catalyst to spur one to a specific action

A motive

What defines the relationship of the government itself and of its citizens?

A Constitution