Mastery Path - Business Law

An intentional statement of false facts, upon which an injured party relied, in decision to enter into a contract to their detriment is:

Fraud

In a state court of original jurisdiction, the chief officer is the:

Judge

False statements made in writing for the purpose of injuring the reputation of another constitute:

Libel

False statements made in writing for the purpose of injuring the reputation of another is called:

Libel

Which is NOT a characteristic of a general partnership?

Limited Liability

Which is NOT a characteristic of a general partnership:

Limited liability

Which of the following is not an advantage of the partnership form of doing business:

Limited liability

The liability of a stockholder is:

Limited to his investment

Who of the following is primarily liable on a promissory note:

Maker

Who of the following is primarily liable on a promissory note?

Maker

The branch of the law which deals with the rules of conduct and actions governing a funeral director during his legal relations with the public is called:

Mortuary law

A funeral director leasing a funeral coach from a livery service is an example of what type of bailment:

Mutual benefit

An essential difference between a general partnership and a limited partnership is:

That a limited partnership provides limited liability for its limited partners, but not for its general partners

A legal instrument authorizing payment of insurance funds for funeral expenses to a funeral home is a(n):

Assignment of proceeds

A commission merchant who sells on credit and guarantees to the principal that these accounts will be paid:

Factor del credere

The estate, in property, signifying the greatest degree of ownership is:

Fee simple

In law, a relationship of trust is expressed by the term:

Fiduciary

Personal property permanently attached to land is known as a:

Fixture

Types of endorsements include which of the following: 1 - open 2 - special 3 - qualified 4 - restrictive

2, 3 and 4

When two or more persons enter into a contract with one or more persons, the contract may be: 1-joint 2-collective 3-several 4-conditional

1 and 3 only

The fair Labor Standards Act covers which of the following areas: 1 - Minimum wage 2 - Overtime compensation 3 - Equal-pay 4 - Reasonable accommodations

1, 2 and 3

Consideration in a contract could be: 1 - Personal property 2 - Money 3 - A promise of service 4 - A promise to refrain from doing an illegal act

1, 2 and 3 only

Which of the following terms are associated with filing suit in a civil action: 1 - discovery 2 - process 3 - petition 4 - answer

1, 2, 3 and 4

Requirements for a valid offer must: 1-include a specific time duration 2-Include an acceptance 3-be definite 4-be seriously intended

1, 3 and 4 only

Under the ADA (Americans with Disabilities Act), when a death is due to HIV (AIDS), the funeral home may: 1 - Require a sealed casket 2 - Have a public viewing 3 - Charge more for embalming 4 - Have a private service

2 and 4

The party to whom a contract is assigned is called the:

Assignee

One example of intangible personal property is:

A stock certificate

Criminal law is concerned with:

A wrong against the public as a whole

Rules and regulations passed by the Federal Trade Commission (FTC) are examples of:

Administrative law

The person appointed by a court to oversee the estate is called the:

Administrator

If a neighbor continuously, openly, hostilely, visibly, and exclusively possesses a portion of your property for a statutorily defined period of time, he may gain good title by a doctrine called:

Adverse possession

The essential difference between the dissolution and termination of a partnership is that:

After dissolution, and before termination, the partnership may still take certain actions

The party who sells a contract for another is called the:

Agent

A partnership dissolves by operation of law upon:

All of the above

A stockholder possesses the right:

All of the above

An agency may be terminated by act of the parties by:

All of the above

An agency may be terminated by operation of law by:

All of the above

Partners have certain powers that result from:

All of the above

Property may be acquired by:

All of the above

A stockholder possesses the right:

All of the above are correct

A contract to keep an offer open for a specified period of time supported by consideration is called:

An option

The party who received personal property, but not ownership, of the personal property, is called the:

Bailee

The doctrine of stare decisis is concerned with:

Case law

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

Check

Which of the following terms describes a sale in which the buyer (so long as the buyer is not in default) has a right to possession before payment in full is made?

Conditional sale

An association of individuals united for some common purpose, and permitted by law to use a common name, and to change its members without dissolution is a(n):

Corporation

Common law is best described as:

Customs and practices enforced by the courts

A writing sign by the seller conveying title to real property is a:

Deed

The death of a shareholder owning 1% of a company:

Does not cause a change in the corporation

The death of a shareholder of a corporation:

Does not dissolve the corporation

An individual whose manner of work performance may be substantially controlled is a(n):

Employee

A written agreement, such as a deed, is delivered to a third person. That person is to deliver it to another person, only on performance of a specific action, by the person. This type of agreement is known as an:

Escrow

A contract in which terms have NOT been fully performed by all parties is:

Executory

A situation requiring immediate action or urgency:

Exigent circumstances

The first step to ADA compliance is to conduct a:

Needs assessment

An association of two or more persons as co-owners to carry on a lawful business for profit is a(n):

Partnership

When parties act so as to misguide the public into the belief that they are a partnership, the law may prevent them from denying it later. This concept is called:

Partnership by estoppel

A corporation may exist:

Perpetually

The ___ is ordinarily liable to third parties for contracts made by the ___ within the actual or apparent scope of his authority.

Principal, Agent

A family with a funeral bill wants to pay by a means other than cash. They need to negotiate with what document:

Promissory note

A business that is owned by an individual and not chartered by the state is usually a:

Proprietorship

What type of damages pay over and above the actual loss:

Punitive

What type of damages pay over and above the actual loss?

Punitive

Which of the following is not a disadvantage of the partnership form of doing business:

Ratio of expenses per dollar of business

An important distinction between real and personal property is:

Real property is not moveable

The passing of title from seller to buyer for a price is called a:

Sale

The management of a corporation is conducted as follows:

Stockholders elect a board of directors who elect officers to operate the business

A notice of complaint given to a defendant, defining the complaint, and a time frame for which an answer must be received is a(n):

Summons

A private or civil wrong, where the cause is intentional or caused by negligence, for which there may be action or damages is called a(n):

Tort

Activities of a corporation which have exceeded its power are characterized as:

Ultra Vires

Any rate of interest above the maximum rate allowable by law is:

Usury

To decide if property should be classified as lost or abandoned, we must try to determine:

What the intent of the owner was at the same time the property left his possession

A principal may be held liable for:

Wrongful acts of his agent in the course of his agency