Business Law Quiz 1

Another term for the insurer is

Underwriter

Money or securities whose title is vested in a person and held for the benefit of named beneficiaries is known as a

trust fund

In legal terms, consanguinity is also known as:

Blood relations

An individual who brings together contracting parties is called

Broker

Law which is concerned primarily with those rules of conduct involving financial transactions between individuals or legal entitles is

Business law

The most common method of creating an agency is by

Appointment

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

Autopsy

The funeral director that has personal effects of clothing belonging to the deceased is called a

Bailee

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

Defendant

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

Fiduciary

Price fixing agreements are

Illegal

A contract made by a person who is intoxicated, but aware of the consequences of his/her action is

Valid

Indorsements of commercial paper include which of the following?

Blank Endorsement Qualified Endorsement Restrictive Endorsement

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

Check

The recorder in state and federal courts is the

Clerk

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

Courts of original general jurisdiction

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

Cremation

Which one of these is a necessary

Medical bill

Generally, a minor is fully liable for their

Torts

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

Uniform Commercial Code

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

Maker of the note

An unconditional written promise made by one person to another, signed by the maker, engaging to pay on demand or at a fixed future time, a certain sum of money to a bearer is a

Promissory Note

The two essential elements of a contract are

There must be an offer and There must be acceptance

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

A private carrier

A contract enforced by the courts is:

Valid

Which of the following is a mistake that does NOT render an agreement defective?

Terms of the contract

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

An easement

A reducing term insurance policy plus savings acccount is called

An endowment policy

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

Juvenile Court

A partnership engaged in the buying and selling of merchandise is a(n)

Trading partnership

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

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

Existing goods

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

Real property

In a partnership, each partner is liable:

For all of the firm's debts

A contract made with which of these people would be considered void?

Judicially declared insane person

An offer is rejected by

A Counteroffer

A check that a bank draws on its own funds and is signed by a responsible bank official but may be used by anyone to pay a debt is called

A cashier's check

The deposit of tangible personal property as security for some debt or obligation is

A pawn

A court of original general jurisdiction is

A trial court

All physical items that are not real property are classified as

Personal property

The ____________ court is the one having jurisdiction over estates.

Probate

A partner who takes no active part in the management of the business, but who possibly may be known as a partner is a

Silent partner

Defamation of character by spoken words or gestures is

Slander

Laws enacted by legislative bodies are

Statutes

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

Written contracts

what is right and just refers to

equity

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

Insolvent

The substitution of a new party for the original party who is to perform is called

Novation

Damages in excess of those required to compensate the plaintiff for the wrong done are

Punitive

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

Qualified Indorsement