Mortuary & Business Law - NBE Practice Art #1

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

Assignment

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

Bailee

In order to be enforceable, a valid contract must meet which requirements

Mutual agreement Competent parties Supported by consideration Lawful purpose

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

Statute of Frauds

The right to declare dividends depends upon the discretion of the

board of directors

The maximum amount of interest that may be charged is called

contract rate

The election to void a contract

disaffirmance

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

executory

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

novation

You receive an offer in the mail containing no stipulations as to the acceptance, and you decide to return your acceptance by mail. The agreement is complete when the acceptance is

placed in the mail by the offeree

A contract made by a legally declared insane person is

void

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

void

A contract made by an insane person who has not been declared so judicially is

voidable