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
bailment
the filing & providing of the will following death is called
probate
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
novation
all property which is not real property is termed
personal property
the laws of city councils R called
ordinances
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
underwriter
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
FTC
the deposit of tangible personal property as security 4 some debt or obligation is
Pawn
a written insurance contract is
Policy
the party who appoints an agent is the
principal
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
bear
the right a minor has 2 avoid a contract is termed
disaffirmance
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
nuncupative
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
slander
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
underwriter
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
endorser
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
makers
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
plantiff
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
formal
an agents duties 2 her principal include
accounting;
information;
obedience
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
proprietorship
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;
indemnification;
reimbursement
The federal legislation intended to promote competition among funeral homes by prohibiting restraint of trade is
Sherman Antitrust act
Categories: Business Law