business final

a check drawn by a bank on another bank is called

bank draft

commercial paper payable to the bearer is called

bearer paper

an indorsement consisting of the signature of the indorser is called a

blank indorsement

a check acceptable by the writing certified on it is called a

certificate check

an acknowledgement by a bank of receipt of money with the engagement to repay it is called a

certificate of deposit

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

check

which of the following best describes the difference between civil law and criminal law

civil law deals with the enforcement or protection of private rights, whereas criminal law deals with offenses against society

a note secured by personal property is called a

collateral note

an injured party is awarded this payment to cover the exact amount of their loss but no more

compensatory damages

an agreement between two or more competent persons which is enforceable by law

contract

the unauthorized exercise of ownership rights over another's property is known as a(n)

conversion

which of the following is most likely to fall in the category of intangible personal property

copyrights

a bond with detachable individual coupons representing interests payments called a

coupon bond

the type of authority an agent possesses by custom is called

customary authority

an unsecured bond issued by a business is known as a

debenture

the transfer of duties alone without the transfer of tights is called

delegation

the repudiation of or election to avoid an avoidable contract

disaffirrmance

termination of a contract due to performance, agreement, impossibility, acceptance of breach, or operation of law

discharge

a written order by one person directing another to pay a sum of money to a third person is called

draft

a person ordered to pay a draft is called

drawee

the person hired to preform work and who is obligated both as the work to be done and as to the manner in which it is to be done

employee

employment terminated by employer or employee for any reason is called

employment at will

those contacts in which the terms have not been completely executed or fulfilled

executory contracts

the type of authority of an agent stated in the agreement creating an agency is called

express authority

a contract in which the parties express their intentions, either orally or in writing, at the time of the agreement

express contract

one who receives possessions of another's property of the purpose of sale on commission is called a

factor

When a bailment is for the sole benefit of the bailor, the bailee may receive benefits of ownership during the bailment

false

a common carrier is liable for a loss if it is transporting goods that pose a menace to health which are seized by a public authority

false

a fee simple owner of property, whether real or personal, only has the right to possess the property for a limited time

false

a special warranty deed warrants that a grantor has the right to sell a personal property

false

a summons is a way for parties to obtain unprivileged information from another party prior to trial

false

ownership of an estate for the duration of one's life is called a term of years

false

probate courts handle divorce and child custody cases

false

quitclaim deeds have been made illegal in most jurisdiction

false

Kenneth was sentenced to six years in prison for forgery. In this case Kenneth has committed a(n) _____.

felony

partners in a partnership must have a relationship of trust and confidence called

fiduciary

personal property attached to land or a building that becomes a part of the land is known as a(n)

fixture

a draft drawn or payable outside the United Sates is known as a

foreign draft

an agent authorized to carry out a particular kind of business at a place is called

general agent

an instrument in writing authorizing one person to do anything for the principal

general power of attorney

A ______ deed warrants that a grantor has good title to a real property and further warrants that the grantor will defend the grantee against all claims by third parties

general warranty

the person in possession of an instrument payable to a bearer or to that person is called the

holder

the holder who takes the instrument in good faith and for value is known as

holder in due course

one in which the terms of the contract are implied by acts or conduct of the parties

implied conttract

one who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as to means by which the contract is executed, except for specifications established in the contract

independent contractor

which of the following is true of the Uniform Commercial Code ( UCC)

individual states may make changes to the portions of the UCC that they have adopted

which of the following is true of the liability of a common carrier of people

it begins when the passenger enters the waiting platform

which of the following is true of the united states supreme court

it has appellate jurisdiction in cases based on the US constitution

Person who deals in goods of the kind or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.

merchant

an instrument issued by a business indicating that the payee may request and receive the amount indicated on the instrument is called

money order

a private carrier's contract for transporting goods is an example of:

mutual-benefit bailment

a writing drawn in special form that can be transferred as a substitute for money or an instrument of credit is called

negotiable intrument

the at of transferring negotiable instruments is called

negotiation

the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new one substitutes for it

novation

what is an expression of willingness to enter a contractual agreement

offer

commercial paper payable to the order of a named person is called

order paper

a _____ provides someone with an absolute title to his\her invention for a certain period of time

patent

a party to whom an instrument is payable is called

payee

a person who appoints another to contract with third parties is called

princapal

am unconditional written promise to pay a sum of money to another is called

promissory note

_____ laws are those that state how parties are to go forward with filing civil actions and how these actions are to be tried

provedural

an indorsement that limits the liability of the indorser with words such as without recourse used is called a

qualified indorsment

the approval of an unauthorized act is known as

ratification

____ consists of land, including the actual soil, and all permanent attachment to the land, such as fences, walls, and other additions

real property

a theory that imposes liability on an employer for torts caused by employees is

resondeat superior

an example of this type of indorsement would be " For Deposit Only" and is known as a

restrictive indorsement

what is defined as the contracting of service rather than for goods

service contract

one authorized by the princapal to execute specific tasks

special agent

a law that restricts the period of time within which an action may be brought to court

statue of limitations

which of the following are true of a jury trial procedure

the jury is selected before on an opening statement is made by the attorney

which of the following is a provision in a deed

the statement of the consideration paid by the grantee must be mentioned in the deed

an example of an affirmative covenant is:

to contribute to the maintenance of a shared driveway

Many federal laws regulating business do so based on the Commerce Clause of the U.S. Constitution. T/F

true

a chief officer is known as a judge in a state court of record as well as in a federal court

true

a common carrier of people is required to assist passengers when necessary for alighting

true

a constructive bailment is a bailment for the sole benefit of the bailor

true

each tenant in common owns an undivided fractional interest in the land

true

the location where a case is to be tried is known as a venue

true

the system of equity evolved to provide judicial relief in cases where no adequate remedy at law existed

true

an agreement which at the current tine is not enforceable by law

unenforceable contract

a one-sided contract or agreement formed when an act is done in consideration for a promise

unilateral contract

an agreement with no legal effect

void contract

A third party beneficiary to whom no legal duty is owed and for whom performance is a gift

Donee Beneficiary

what is the chief function of the courts

They interpret and apply the law from whatever source to a given situation.

a sealed written contract obligation with the essentials of a note is called

a bond

a person who executes a draft is called

a drawer

the type of authority an agent is belieaved to have because of a principal's behavior is called

apparent authority

Rights are conveyed by one party to another person who is not a party to the original contract by way of an

assignment

which of the following terms means an agreement to an offer resulting in a contract

acceptance

which of the following statements is most likely to be true of administrative agencies

administrative agencies have the power to implement laws

a contract under which one party is unauthorized to contract for another is called

agency

an agency arising when a person leads another to belieave that the third party is an agent is called

agency by estoppel

a bill of landing refers to

an agreement between the owner of a vessel and a merchant, by which a ship is hired for the transport of goods for a defined period