Business Law NBE

Crime

A punishable offense against society is defined as a

A Restraining Order

A temporary order forbidding a certain action is

Counteroffer

An offer is rejected by

District Attorney

Another name for a prosecutor is

Private Corporations

Corporations formed by individuals to perform some non-governmental function are called

Juvinile Courts

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

Slander

Defamation of character by spoken words or gestures is

Commission Merchants

Factors del credere are

Existing Goods

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

the UCC (Uniform Commercial Code)

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

Void

Mutual mistakes as to the existence of the subject matter render a contract:

Spoken

Oral contracts are

UCC (Uniform Commercial Code)

The basic law now covering negotiable instruments is the:

A Premium

The consideration of an insurance policy is

Contract

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

Stockholders

The owners of a corporation are known as

1. There must be an offer 2. There must be an acceptance

The two essential elements of a contract are

Eminent Domain

Through the power of _____________, land may be acquired from the private sector for use as a public cemetery.

To arraign

To read the charge of an indictment is

A joint and several contract

A contract which is written so that either party may consider it as a joint obligation or a group of individual obligations is

An encumbrance

A lien or mortgage against real property is

Limited Partnership

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

"Let the buyer beware"

Caveat Emptor means

Administrative Law

Orders and decrees from governmental agencies which have the force of law is considered

Stock Certificates

Ownership of corporate stocks is represented by

Perjury

Perjury is

Intangible Personal Property

Property rights consisting merely of evidences of ownership of property, such as copyrights, checks, notes and stocks, are

Principal

The party who appoints an agent is the

A Defendant

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

Dividends

The profits of a corporation belong to the corporation until set aside by the directors for distribution as

Terms of the Contract

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

Furniture

Which of the following is classified as movable personal property?

Maker

Which one of the following is primarily liable on a promissory note?

Medical Bill

Which one of these is neccessary

Negotiable Instruments

Written instruments drawn in a special form, which can be transferred from person to person as a substitute for money or as instruments of credit, are called

Death or Incapacity of either principal or agent

An agency is terminated by operation of the law if which of the following conditions occur?

Loyalty and Good Faith

An agent owes which of the following duties to his principal?

Promissory 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

1. It must appear to be seriously intended 2. It must be communicated to the offeree

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

Board of Directors

The right to declare dividends depends upon the discretion of the

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

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?

A Writ of Habeus Corpus

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

A lien

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

Voidable

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

An agreement

A contract must always be

Agency

The contract between a principal and an agent creates a relationship called

Business Law

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

Cremation

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

Maker of the note

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

Disaffermance

The right a minor has to avoid a contract is termed