Business Law Questions

Whatever the promisor demands and receives as the price for his promise a. consideration b. forbearance c. disaffirmance d. ratification

a. consideration

Common law is based on a. customs b. legacies c. written law d. trust

a. customs

A written disposition of property, real or personal, to take effect at the death of an individual is called a a. will. b. lease. c. deed. d. promissory note

a. will.

A temporary order forbidding a certain action is a. a statute b. a restraining order c. an injunction d. a writ of habeus corpus

b. a restraining order

Perjury is a. silence b. false testimony c. duress d. undue influence

b. false testimony

When a person dies without a will, he is said to die a. testate b. intestate c. executor d. administrator

b. intestate

A breach of the duty of care one individual has toward others is called a. criminal b. negligence c. civil law d. promissory estoppel

b. negligence

Any rate of interest above the maximum rate allowable by law is said to be a. fiduciary b. usurious c. undulant d. duress

b. usurious

The party who makes an offer is called the: a. offeree b. offered c. offeror d. optional

c. offeror

The failure to volunteer or reveal information not requested is termed a. default b. compromise c. complaint d. concealment

d. concealment

In the state court, the chief officer is a. the marshall b. the bailiff c. the clerk of the court d. the judge

d. the judge

The law of the land in the US is the a. US Constitution b. president c. executive decree d. executory

a. US Constitution

A formal written command issued by a court of law a. a writ b. a warranty deed c. a note payable d. a will

a. a writ

When a dead human body is in the mortuary, the funeral home is said to have a. actual custody b. constructive custody c. present custody d. contract custody

a. actual custody

The extinction or withdrawal of a legacy by an act equivalent to revocation is called a. ademption b. probate c. abatement d. intestacy

a. ademption

The party who is sued in a civil suit is known as the: a. defendant b. plaintiff c. offeror d. administrator

a. defendant

A contract to keep an offer open for a specified period of time supporte by donsideration is called a/an: a. option b. bailment c. unilateral offer d. tentative offer

a. option

Laws passed by local governments are a. ordinances b. statutes c. torts d. unenforceable

a. ordinances

Which of the following is not a type of inferior state court? a. Justice of the Peace court b. Juvenile court c. Magistrate court d. Small claims court

b. Juvenile court

The owners of a corporation are known as a. directors b. stockholders c. makers d. promoters

b. stockholders

A private or civil wrong, either intentional or caused by negligence, for which there may be action for damges is a. fraud b. tort c. unjust enrichment d. undue influence

b. tort

The law whose purpose is to compensate the aggrieved,not to punish the wrongdoer is a. business law b. tort law c. criminal law d. state law

b. tort law

Any rate of interest above the maximum rate allowable by law is: a. fiduciary b. usury c. undue influence d. duress

b. usury

The filing and proving of the will following death is called a. lawsuit b. accounting c. probate d. specific performance

c. probate

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 is a a. draft b. check c. promissory note d. certficate of deposit

c. promissory note

The right to sue the federal government is derived from a. the Clayton act b. the Ronison-Patman act c. the Federal Claims act d the Federal Trade Commission act

c. the Federal Claims act

A draft drawn on a bank and payable on demand is a a. promissory note b. debenture c. certificate of deposit d. check

d. check

A will written entirely by the testaor with his own hand is properly termed a a. regular will b. holographic will c. testate will d. noncupative will

b. holographic will

False statements made in writng for the purpose of injuring the reputation fo another constitute: a. slander b. libel c. implicit trespass d. breach of ordinance

b. libel

The contract between a principal and an agent creates a relationship called a. debenture b. agency c. novation d. ultra vires

b. agency

A contract under seal is called a. simple b. executed c. executory d. formal

d. formal

The means whereby one party conveys his rights in a contract to another who is not a party to the original contract is called a. assignment b. bill of sale c. a contract of agency d. novation

a. assignment

When a FD has the personal effects of a dead human body in his possession, he is properly termed a a. bailee. b. bailor. c. custodian. d. consignee.

a. bailee.

A person who dies leaving a valid will is called a a. testator b. intestate c. administrator d. donor

a. testator

When the duty of care that a motorist owes other motorists and pedestrians is breached and results in injury or damage to another, that motorist has committed a a. tort b. felony c. criminal act d. misdemeanor

a. tort

A contract made by a person who is intoxicated, but aware of the consequences of his/her actions is a. valid b. void c. voidable d. unenforceable

a. valid

The right to declare dividends depends upon the discretion of the a. promoter b. stockholders c. board of directors d. shareholders

c. board of directors

When a funeral director has a dead human body in his care, he is properly termed a a. bailee b. bailor c. custodian d. consignor

c. custodian

In law, a relationship of trust is expressed by the term: a. marital b. bailment c. fiduciary d. inter-vivos

c. fiduciary

A contract which is enforceable by the courts is a. voidable b. formal c. valid d. void

c. valid

A contract in which undue influence was proven is considered a. valid b. void c. voidable d. express

c. voidable

An addition or modification of a will is known as a a. gift b. letters testamentary c. deed d. codicil

d. codicil

The term that is used when all the terms of a contract have been fully performed by the contracting parties is: a. bilateral b. executory c. void d. executed

d. executed

Personal property permanently attached to land is known as a: a. quitclaim b. premium c. novation d. fixture

d. fixture

The substitution of a new party for the original party who is to perform is called a. assignement b. replacement c. a contract of agency d. novation

d. novation

An intoxicated person makes a contract. It is: a. valid b. formal c. correct d. voidable

d. voidable

A restatement of one's willingness to be bound by his promises made during minority is called a. ratification b. usury c. disaffirmance d. forbearance

a. ratification

Land, timber, minerals, buildings, and other man-made property permanently attached to land are called a. real property b. personal property c. tangible personal property d. intangible personal property

a. real property

Laws enacted by legislative bodies are a. statutes b. injunctions c. ordinances d. constitutions

a. statutes

A notice of complaint given to a defendant defining the complaint and a time frame in which an answer must be received is a(n): a. summons b. petition c. complaint d. executive order

a. summons

Personal property which can be seen and touched is a. tangible personal property b. intangible personal property c. limited personal property d. real property

a. tangible personal property

In the field of business law, the most important statute is a. the uniform commercial code b. the business code of ethics c. the Federal Tort Claim act d. common law

a. the uniform commercial code

A private or civil wrong whose cause is intentional or caused by negligence for which there may be action or damges is a: a. tort b. felony c. accident d. misdemeanor

a. tort

A contract that may be set aside by at least one of the parties is a. voidable b. formal c. valid d. void

a. voidable

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 a. Statute of Time. b. Statute of Limitations c. Statute of Frauds d. Statute of Contracts

b. Statute of Limitations

A permanent order, issued by a court, forbidding activities which would be detrimental to others is a. a restraining order b. an injunction c. a statute d. a writ of habeus corpus

b. an injunction

The doctrine of 'stare decisis' is concerned with: a. suits b. case law c. parole evidence d. torts

b. case law

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 are called a. nominal damages b. compensatory damages c. punitive damages d. liquidated damages

b. compensatory damages

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 is a(an) a. cooperative b. corporation c. proprietorship d. parntership

b. corporation

When one promises to refrain from doing something, his conduct is known as a. consideration b. forbearance c. disaffirmance d. ratification

b. forbearance

An intentional statement of false facts upon which an injured party relied in a decision to enter into a contact, to their detriment is: a. tort b. fraud c. opinion d. negligence

b. fraud

The laws of city councils are called a. statues b. ordinances c. torts d. constitutions

b. ordinances

You recieve 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 a. recieved by the offeror. b. placed in the mail by the offeree c. received by the offeree d. never complete, must be an oral acceptance

b. placed in the mail by the offeree

Anything that may be owned, possessed, used or disposed of for a price is called a. slander b. property c. estoppel d. usury

b. property

Defamation of character by spoken words or gestures is a. attest b. slander c. breach d. libel

b. slander

A contract made by a legally declared insane person is a. valid b. void c. voidable d. unenforceable

b. void

Mutual mistakes as to the existence of the subject matter renders a contract a. valid b. void c. voidable d. unenforceable

b. void

The statute listing certain classes of contracts which must be in writing to be enforceable is called the a. Statute of Written Contracts b. Statute of Limitations c. Statute of Frauds d. Statute of Contracts

c. Statute of Frauds

Of the following, under normal cirucumstances, the one(s) having the primary right to control final disposition of a decesased person is a. brothers and sisters b. grandparents c. children of legal age d. parents

c. children of legal age

Customs which have come to be recognized by the courts as law describes a. constitutional law b. case law c. common law d. criminal law

c. common law

The election to void a contract is called a. ratification b. usury c. disaffirmance d. forbearance

c. disaffirmance

The profits of a corporation belong to the corporation until set aside by the directors for distribution as a. drafts b. patents c. dividends d. deeds

c. dividends

A personal representative of the decendent appointed in the will to carry out the provisions of the will is called a. devisee b. administrator c. executor d. surrogate

c. executor

Property rights consisting merely of evidences of ownership of property, such as copyrights, checks, notes and stocks, are a. real property b. mixed property c. intangile personal property d. tangible personal property

c. intangile personal property

The power or authority which each court has to hear cases is called its a. forbearance b. disaffirmane c. jurisdiction d. judicial power

c. jurisdiction

The branch of the law which deals with the rules of conduct and actions governing a mortician during this legal relations with the public is: a. tort law b. criminal law c. mortuary law d. administrative law

c. mortuary law

Unauthorized embalming may be viewed by the courts as which type of violation? a. nuisance b. abatement c. mutilation d. stare decisis

c. mutilation

A business that is owned by one person is classified as a: a. corporation b. partnership c. sole proprietorship d. limited partnership

c. sole proprietorship

Parol evidence is a. legality b. battery c. spoken words d. chattel

c. spoken words

A contract made by an insane person who has not been declared so judicially is a. valid b. void c. voidable d. unenforceable

c. voidable

The maximum amount of interest that may be charged is called the a. capital rate b. legal rate c. prime rate d contract rate

d contract rate

In order to be enforceable, a valid contract must meet wich of the following requirements? 1. Mutual agreement 2. Competent parties 3. Supported by consideration 4. Lawful purpose a. 1 b. 1 & 2 c. 1, 2, & 3 d. 1, 2, 3, & 4

d. 1, 2, 3, & 4

A document which defines the relationship of the government itself and of its citizens is a. the uniform commercial code b. civil law c. common law d. a constitution

d. a constitution

A court of original general jurisdiction is a. an original court b. a supreme court c. an appellate court d. a trial court

d. a trial court

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 is a. ademption b. codicil c. probate d. abatement

d. abatement

The person appointed by a court to oversee an estate is the: a. heir b. attorney c. executor d. administrator

d. administrator

A person appointed by the court to oversee the estate of an intestate is called a. heir b. executor c. legatee d. adminstrator

d. adminstrator

The doctrine of stare decisis is concerned with a. sits b. torts c. criminals d. case law

d. case law

Which of the follwoing terms descrbes 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? a. bill of lading b. bill of exchange c. billing contract d. conditional sale

d. conditional sale

A corporation has a distinct existence separate and apart from the existence of its indiviaual members which is known as a. fiduciary b. annuity c. proprietary d. entity

d. entity

The condition of an estate of a deceased person which is unable to pay the debts of the decedent and/or the estate is referrred to as being a. solven estate b. intestacy per stirpes c. intestacy per capita d. insolvent estate

d. insolvent estate

The court having sole jurisdiction over estates is a. the magistrates court b. the justice of the peace c. the county court at law d. the probate court

d. the probate court

To read the charge of an indictment is a. to annul b. to assault c. to set bond d. to arraign

d. to arraign

A contract that is of no legal effect is a. voidable b. formal c. valid d. void

d. void

The method of removing one's free will in making a decision by threats to do physical harm to the person, his family, or property is: a. duress b. bailment c. undue influence d. misrepresentation

a. duress

A contract in which the terms have not been fully performed by all the parties is said to be a. executory b. executed c. void d. voidable

a. executory

A term involving a relation of trust or confidence is a. fiduciary b. fraud c. bailment d. usury

a. fiduciary

One who induces another to enter into a contact as a result of an intentionally or recklessly false statement of a material fact is guilty of a. fraud b. duress c. unjust enrichment d. undue influence

a. fraud

Written instruments drawn in a special form, which can be transferred from person to person as a substitute for money or as instruemtns of credit, are called a. negotiable instruments b. bailments c. fungibles d. contracts

a. negotiable instruments

All physical items that are not real property are classified as a. personal property b. perpetual property c. short-term property d. general property

a. personal property