Mortuary Law And Business Law

Novation

A change of parties with the formation of a new contract

Agreement

A contract must always be in an

Void

A contract that is of no legal effect

Voidable

A contract that may be set aside by at least one of the parties

Entity

A corporation has a distinct existence seperate and apart from the existence of its individual members

Trial Court

A court of original general jurisdiction

Intent

A newspaper advertisement can be an offer if it shows

Personal Property

All physical items that are not real property

Tort Law

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

Ordinances

The laws of city councils

Contract Rate

The maximum amount of interest that may be charged

Assignment

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

Plantiff

The party who institutes a court action

Offeror

The party who makes the offer is the

Jurisdiction

The power or authority which each court has to hear cases

Dividends

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

Disaffirmance

The right a minor has to avoid a contract

Breach of Contract

The violation of the terms of a contract

Corporation

An association of individuals united for a common purpose and permitted by law to use a common name and to change its members without dissolution of the association

Fraud

One who induces another to enter into a contract as a result of an intentionally or recklessly false statement of a material fact is guilty of

Insolvent Estate

The condition of an estate of a deceased person which is unable to pay the debts of the decedent and/or the estate is referred to as being

Agency

The contract between a prinicipal and an agent creates a relationship

Compensatory Damages

The damages awarded an injured party in a contract in which the injured party is entitled to compensation for the exact amount of the loss

Verdict

The dections of a jury

Case Law

The doctrine of stare decisis is concerned with

Disaffirmance

The election to void a contract

Ademption

The extinction or withdrawal of a legacy by an act equivalent to revocation

Concealment

The failure to volunteer or reveal information not requested

Probate

The filing and proving of the will following death

State Supreme Court

The highest court of a state

U.S. Supreme Court

The highest court of the land in the United States

False Testimony

is perjury

Stockholders

the owners of a corporation

Slander

Defamation of character by spoken words or gestures

Equity

What is right and just

Consideration

Whatever the promisor demands and receives as the price for his promise

An Acceptance

When a buyer takes actual possession of goods which have been offered for sale, this action is called

Actual Custody

When a dead human body is in the mortuary, the funeral home is said to have

Custodain

When a funeral director has a dead human body in his care he is

Bailee

When a funeral director has the personal effects of a dead human body in his possession he is

Intestate

When a person dies without a will

Statute of Limitations

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

Forbearance

When one promises to refrain from doing something, his conduct is known as

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

Consanguinity

A term for blood kin

Fiduciary

A term involving a relation of trust of confidence

Delegation

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

Holographic Will

A will written entirely by the testator with its own hand

Will

A written disposition of property, real or personal, to take effect at the death of an individual

Codicil

An addition or modification of a will

An Offer

An expressed willingness from a person to enter into a contractual agreement

Counteroffer

An offer is rejected by

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 sum certain in money to order or to bearer

Usurious

Any rate of interest above the maximum rate allowable by law

Property

Anything that may be owned, possessed, used, or disposed of for a price

Existing Goods

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

Real Property

Land, timber, minerals, buildings, and other man made property permanently attached to land are

Business Law

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

Statutes

Laws enacted by legislative bodies

Ordinances

Laws passed by local governments

Anti-trust Laws

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

Minor

A person below the adult age

Restraining Order

A temporary order forbidding a certain action

England

Common law developed in

Common Law

Customs which have come to be recognized by the courts

Rescind

To cancel or annul or avoid a contract

Default

A breach of contractual obligation other than money

Negligence

A breach of the duty of (Failure )care one individual has toward others

Implied Contract

A contract in which the duties and obligations assumed by the parties are not berbalized but indicated by their actions

Express Contract

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

Ratification

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

Formal

A contract under seal

Unilateral Contract

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

Valid

A contract which is enforceable by the courts

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

Executed

A contract whose terms have been fully carried out

Executory

A controct in which the terms have not been fully perfomred by all the parties

A Constitution

A document which defines the relationship of the government itself and of its citizens

Check

A draft drawn on a bank and payable on demand

Appellate Court

A federal court of appeals

Writ

A formal written comman issued by a court of law

Torts

A minor is fully liable for his/her

Injunction

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

Administrator

A person appointed by the court to oversee the estate of an intestate

Testator

A person who dies leaving a valid will

Executor

A personal representative of the decedent appointed in the will to carry out the provisions of the will

Tort

A private or civil wrong, either intentiional or caused by negligence, for which there may be action for damaged

Summons

A process may be referred to as

Abatement

A proportional reduction of a legacy when the funds or assets out of which such legacy are payable are not sufficient to pay it in full

Jude

In the state court, the chief officer is

Parol Evidence

Is spoken words

Caveat Emptor

Means let the buyer beware

Spoken

Oral contracts are

Administrative Law

Orders and decrees from governmental agenceis which have the force of law

Tangible personal property

Person property which can be seen and touched

Board of Directors

The right to declare dividends depends upon discretion of the

Statute of Frauds

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

Novation

The substituation of a new party for the origional party who is to perfom

Material Fact

Ther term which means a fact that could alter one's decision to enter into a legal binding contract

Arraign

To read the charge of an indictment