MORTUARY LAW AND BUSINESS LAW 4

Bond

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/an

Loyalty and good faith

An agent owes which of the following duties to his principal? Compensation; Loyalty and good faith; Reimbursement; Indemnification

Broker

An individual who brings together contracting parties is called a/an

Qualified Indorsement

An indorsement which limits the liability of the endorser is called a

Fungible Goods

Goods of a homogenous nature which are sold by weight or measure are known as

Existing goods

Goods which are owned by the seller and are physically in existence at the time of the contract are known as

Bailor

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

Goods offered without reserve

In an auction, goods which are offered for sale that cannot be withdrawn are classified as

Factor

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

Stock Certificates

Ownership of corporate stocks is representative by

Bailee

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

Pawn

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

Appointment

The most common method of creating an agency is by

Agent

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

Principal

The party who appoints an agent is the

Beneficiary

The person who receives the proceeds from an insurance policy is called the

Maker of the note

The person who signs a promissory note and is obligated to pay at maturity is called the

Eminent domain

The power of government to take private property against the objection of the owner for a public purpose is

Easement

The right that one person has to use the property of another for a special purpose is known as a/an

Acceptance

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

Identified Goods

When the buyer makes a selection of goods which are to be purchased from the seller, the goods are classified as

Limited Liability

An advantage to a corporation is

Bill of Lading

A document of title which sets forth the contract between the shipper and carrier is the

Encumbrance

A lien or mortgage against real property is a/an

Compensation

A principal owes which of the following duties to the agent? Compensation; Loyalty and good faith; Obedience; Accounting

Blank Indorsement; Qualified Indorsement; Restrictive Indorsement

Indorsements of commercial paper include

Bequest

A gift of personal property received through a will is a

Attorney in fact

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

Let the Buyer Beware

Caveat Emptor means

Commission Merchants

Factors del credere are

Furniture

Which of the following is classified as movable personal property? A farm of 160 acres in size; Furniture; Stock Certificate; Mineral interest in a parcel of land

Private carrier

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

Common Carrier

A carrier that transports goods or persons for a fee for all who apply for the services and without discrimination is called a

Lien

A charge against another's property as security for a debt or claim is a/an

Cashier's check

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

Voidable

A contract made by a person who is so intoxicated as to be unaware of the consequences is

Joint and several contract

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

Oral will

A nuncupative will is a/an

Death or incapacity of either principal or agent

An agency is terminated by operation of the law if which of the following conditions occur? If the original contract specifies a date for termination; By mutual agreement of the principal and the agent; Death or incapacity of either principal or agent; The principal may revoke the agent's authority

Gratuitous Bailment

Bailment in which the bailee does not receive any compensation is