Business Law

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what R the 2 bodies of law
civil law, administrative
the transfer of possession, but not the title, of the personal property by 1 party 2 another, under agreement
the filing & providing of the will following death is called
when a family selects another funeral home that is not mentioned in the pre-need contract, & prefers2 use them, then new funeral home is now termed in the contract as
all property which is not real property is termed
personal property
the laws of city councils R called
requirements of a valid offer must have the following
offer must B definite & offer must B communicated 2 the offeree
those contracts in which the terms have not been completely executed or fulfilled by parties R
executory contract
a contract which is based upon acts being done in consideration 4 a promise is called
an express contract
usury is a term which refers 2
contract obligations
a contract which is in special form or produced in a certain way, such as under seal is a
formal contract
recognized as the most important statue in business law, it includes provisions which regulate certain sales of goods & negotiable instruments
stare decisis
another term 4 the insurer is
the termination of an offer could B
by lapse of a reasonable time
the federal legislation intended 2 promote competition among funeral homes by prohibiting restraint of trade is
the deposit of tangible personal property as security 4 some debt or obligation is
a written insurance contract is
the party who appoints an agent is the
warranties imposed by the uniform commercial code R
warranties imposed by the uniform commercial code R;
warranty of product safety
what R the 2 classifications of bailments
ordinary, extraordinary
the body of law concerned w/private or purely personal rights is
civil law
a person in possession of an instrument is a
the right a minor has 2 avoid a contract is termed
an award paid 2 the injured party 2 cover the exact amount of their loss, but no more R
compensatory damages
an oral will is what type of will
the amount of the damages stipulated in a contract 2 B paid in the event 1 party breaches the contract R
negotiable damages
defaming someone orally is
in most states, insurance rates & policy provisions R standardized & controlled by the
state insurance commission or commissioner
the insurance company agreeing 2 make a good a certain loss is known as th3e
the simplest & most common form of business ownership is
limited partner
an individual who takes no active part in the management of a partnership, but has capital invested in the business is a
silent partner
a payee of a note or draft who acts 2 transfer the instrument 2 another party becomes a/an
personal property which can B neither seen nor touched is
intangible property
when 1 party breaches a contract, the other party has the right 2 sue 4 breach of contract w/in a statutory time frame, this is the
statute of limitations
persons who sign a promissory note which they obligate themselves 2 pay when it matures R the
which of the following R essential elements of a contract
there must B an offer;
there must B an acceptance
legal interpretations based on previous court decisions describes
case law
a foreign corporation is 1 that is chartered
in another state
a valid contract must meet which of the following requirements
competent parties;
mutual agreement;
supported by consideration
the person who initiates a legal action is the
rules & regulations which R created by agencies of the government fall into the category of
administrative law
a sale of goods might involve a sale of
tools; stereos
a contract under seal is
an agents duties 2 her principal include
whatever the promisor demands & receives as the price 4 his promise is the
price of receivership
the death of the owner will dissolve which of the following
a fact that could impact a persons decision 2 enter into a contract is a
material fact
when a person makes a check payable 2 cash, the check becomes
order paper;
bearer paper
an offer is rejected by
a counteroffer
a principals duties 2 her agent include
adherence 2 contract;
The federal legislation intended to promote competition among funeral homes by prohibiting restraint of trade is
Sherman Antitrust act
Categories: Business Law