Business Law for FSE

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

Bailee

The funeral director who has personal effects of clothing belong to the deceased is called a:

Bailee

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

Bailor

Indorsements of commercial paper include which of the following:

Blank indorsement, qualified indorsement, restrictive indorsement

The right to declare dividends depends upon the discretion of the

Board of Directors

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

Breach of contract

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

Cashier's check

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

Common law

A principal owes which of the following duties to the agent?

Compensation

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

Consideration

The funeral director has rights and lawful duties which arise from ______ and those granted by statutes

Contract

The funeral director has rights and lawful duties which arise from _________________ and granted by statute

Contract

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

Courts of original general jurisdiction

A punishable offense against society is defined as a

Crime

Common law is based on

Customs

The election to void a contract is called:

Disaffirmance

Another name for a prosecutor is:

District Attorney

Courts that handle divorce and child custody cases are known as

Domestic relations courts

A corporation has a distinct existence separate and apart from the existence of its individual members which is known as a(n)

Entity

What is right and just refers to

Equity

Usury is a term which refers to

Excess interest

A contract in which the terms have not been fully performed by all the parties is said to be

Executory

A crime usually punishable by death or incarceration in a penitentiary for more than one year is a

Felony

A term involving a relation of trust and confidence is called

Fiduciary

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

Fraud

Which of the following is classified as movable personal property

Furniture

Parties who acquire rights superior to those of the original owner are known as:

Holder in due course

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

It must appear to be seriously intended It must be communicated to the offeree

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

Juvenile courts

Rules of civil conduct commanding what is right and prohibiting what is wrong defines

Law

Caveat Emptor means

Let the buyer beware

An advantage to a corporation is

Limited liability

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

Makers

Which of these is a necessity?

Medical Bill

A newspaper advertisement can be an offer if it shows

Mutual agreement

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

Negotiable Instruments

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

No

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

Novation

The party who makes the offer is the

Offeror

The part who institutes a court action is the:

Plaintiff

The power to adopt laws for the protection of the public is:

Police Power

The party who appoints the agent is

Principal

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

Probate

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

Property

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

Punitive Damages

The dead human body, in legal terminology, is considered:

Quasi Property

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

Silent Partner

Defamation of character by spoken words or gestures

Slander

Defamation of character by spoken words or gestures is

Slander

Oral contracts are

Spoken

Parol evidence is

Spoken words

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

Ownership of corporate stocks is represented by

Stock certificates

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

Tangible

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

Terms of the contract

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

The decedent's adult daughter

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

Tort law

Generally, a minor is fully liable for his/her

Torts

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

Trading Partnership

The basic law now covering negotiable instruments is the

UCC - Uniform Commercial Code

The law of the land in the US is the

US Constitution

A contract enforced by the courts is

Valid

The decision of a jury is the

Verdict

Mutual mistakes as to the existence of the subject matter renders a contract

Void

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

Whole Life

A life insurance policy which continues until the death of the insured is

Whole life

The death of a share holder of a corporation:

does not cause a change in the corporation

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

from a previous contract

A sealed 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

A bond

The funeral bill is consider as:

A claim with priority against the estate

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 fulfillment of a specific condition. This type of agreement is known as:

A conditional

An offer is rejected by

A counteroffer

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

A defendant

One who receives possession of another's property for sale on commission is

A factor

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

A joint and several contract

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

A pawn

Personal effects and clothing of the deceased are best accounted for by utilizing

A personal effects form

The consideration of an insurance policy is

A premium

A carrier owned by a shipper for the purpose of shipping it owns goods is

A private carrier

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

A private carrier

A temporary order forbidding a certain action is

A restraining order

A writ commanding the person named in it to attend court under penalty for failure is:

A subpoena

A process may be referred to as

A summons

A court of the original general jurisdiction is

A trial court

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

A trust fund

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

A unilateral contract

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

A writ of habeus corpus

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

Agency

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

Agent

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 proceeding

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

An acceptance

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

An agent

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

An attorney in fact

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

Anti-trust laws

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

Anti-trust laws

A federal court of appeals is

Appellate court

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

Price fixing agreements are

Illegal

The __________ estate is one in which the liabilities exceed the assets of the estate.

Insolvent

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

Intangible personal property