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NBE/MO Funeral Service State Board Exams > Business Law > Flashcards

Business Law Flashcards

1
Q

Acceptance

A

An agreement to an offer resulting in a contract

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2
Q

Accord and satisfaction

A

An agreement made and executed in satisfaction of the right one has from a previous contract

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3
Q

Agent

A
  • a person who has been legally empowered to act on behalf of another person or an entity
  • The party appointed by the principal to enter into a contract with a third-party on behalf of the principal
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4
Q

Alien corporation

A

One that is incorporated in a foreign country

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5
Q

Answer

A

Official document detailing a defendant’s defense

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6
Q

Antitrust

A

Law which seek to promote competition among businesses

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7
Q

Apparent authority

A

The authority an agent is believed, by third parties, to have because of the behavior of the principal

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8
Q

Appeal

A

Request to a higher court to review a lower court’s decision

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9
Q

Appellate courts

A

Court hearing cases appealed from a lower court

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10
Q

Arraignment

A

Charging a person with a crime and asking for that person’s plea

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11
Q

Arrest

A

To take into Police custody

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12
Q

Assignee

A

The party who receives the transfer of property, title, or rights from another according to the terms of a contract.

The party to whom the assignment is made

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13
Q

Assignment

A

A contract where the “assignor,” transfers rights, property, or other benefits to another known as the “assignee.”

A means whereby one party in a contract conveys right to another person, who is not a party to the original contract

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14
Q

Assignor

A

The party making the assignment (contract)

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15
Q

Authority

A

Power to act for someone else

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16
Q

Bailee

A

The party who acquires position, but not the title, of personal property by one party to another, under agreement

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17
Q

Bailment

A

The transfer of possession, but not the title of personal property by one party to another under agreement

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18
Q

Bailor

A

The party who gives a position, but not the title, of personal property in a bailment

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19
Q

Bearer

A

A person in possession of an instrument

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20
Q

Bearer paper

A

Commercial paper payable to bearer; to the person having possession of such

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21
Q

Beneficiary

A

Receipt of the proceeds of a life insurance policy: one who inherits property as specified in a will

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22
Q

Bilateral contract

A

A contract which consists of mutual promises to perform some future acts

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23
Q

Bill of lading

A

The contract existing between assignor and the carrier

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24
Q

Bill of sale

A

A document of conveyance, which provides written evidence of one’s title to tangible personal property

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25
Q

Blank endorsement

A

Having no words, other than the signature of the endorser

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26
Q

Board of directors

A

A body of persons elected by the stockholders to define an established corporate policy

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27
Q

Booking

A

Administrative steps taken after interested person is brought to Police position, which involves entry of the persons name, the client for which the rest is made, and other relevant facts on the police blotter, and which may also include photographing, fingerprints, and the like

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28
Q

Breach of contract

A

Any situation, in which one of the parties to a contract fails in otherwise refuses to perform the obligations established in that contract

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29
Q

Business law

A

Those rules of conduct prescribed by government and its agencies in regulating business transactions

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30
Q

Cashiers check

A

A check drawn on a bank’s on funds, and signed by a responsible bank official

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31
Q

Certificate of deposit

A

The acknowledgment buy a bank of a receipt of money with an agreement of repayment

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32
Q

Certified check

A

A check for which the bank assures that the drawer has sufficient funds to make a payment

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33
Q

Check

A

In order by a depositor on the bank, to pay a sum of money to a payee

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34
Q

Civil law

A

The body of law concerned with private or purely personal rights

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35
Q

Close/closely held corporation

A

A designation which applies to a corporation in which outstanding share of stock in managerial control, or healed by a limited number of people, (often members of the same family)

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36
Q

Commercial paper/negotiable instrument

A

A writing down in a special form, which can be transferred from person to person as a substitute for money, or as an instrument of credit

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37
Q

Common law

A

Customs which has become recognized by the courts as binding on the community

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38
Q

Compensatory damages

A

In a war paid to the injured party, to cover the exact amount of their loss, but no more

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39
Q

Complaint/petition

A

The written request with initiate a civil lawsuit

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40
Q

Consideration

A

That which the promise or demands, and receives as the price for a promise

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41
Q

Consignee

A

One to whom goods are shipped by common carrier

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42
Q

Consignor

A

One who ships goods by common carrier

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43
Q

Contract

A

An agreement between two or more competent person’s, which is enforceable by law

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44
Q

Contract to sell

A

A seller agrees to transfer title to goods for a consideration (price) at a future time

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45
Q

Contractual capacity

A

The necessity that the parties desiring to enter into contracts, meet all requirements

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46
Q

Corporation

A

A business entity created by statutory law, and owned by individuals, known as stockholders

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47
Q

Counter offer

A

Intended acceptance which changes or qualifies an original offer, and in fact, rejects that offer, and becomes a new offer

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48
Q

Creditor beneficiary

A

A person who is not a party to a contract, to whom the promisor of a contract owes an obligation or duty

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49
Q

Crime

A

Inoffensive, which is dangerous to society as a whole

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50
Q

Criminal law

A

Laws, dealing with crimes and punishment of wrongdoers

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51
Q

Deed

A

Writing conveying title to real property

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52
Q

Deed of trust

A

Deed that transfers property to trustee for benefit of creditor

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53
Q

Defendant

A

The person against whom legal action is brought

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54
Q

Disaffirmance

A

The repudiation of, or election to avoid, a voidable contract

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55
Q

discharge

A

Termination of a contract by performance, agreement, and possibility, acceptance of breach, or operation of law

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56
Q

Discovery

A

Pretrial steps taken to learn the details of the case

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57
Q

Domestic corporation

A

Operates in the state that granted the charter

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58
Q

Donee beneficiary

A

A third-party beneficiary to Home. No legal duty is old and performance is a gift.

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59
Q

Draft

A

Original order, signed by one person, requiring the person to whom address to pay our particular sum of money, to the order, or to bearer, on demand, or at a certain time

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60
Q

Drawee

A

The person, company or financial institution order to pay a draft

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61
Q

Drawer

A

The person who executes any draft

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62
Q

Duress

A

A means of removing wants free will, obtaining consent by means of a threat to do harm to the person, his property, his family, or his earning power

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63
Q

Employee

A

The person hired to perform work, and who is obligated, both as to the work to be done, and asked to the manner in which it is to be done

64
Q

Employer

A

The party who employees employees to do certain work

65
Q

Executed contract

A

Those contracts in which the terms have been fulfilled

66
Q

Execution

A

They carry out or completion of a task

67
Q

Executory contract

A

Those contracts in which the terms have not been completely executed or feel by the parties

68
Q

Existing goods

A

Those good, which are, at the time of the contract, in existence, in owned by the seller

69
Q

Express authority

A

The authority of an agent, stated in the agreement or document, creating the agency

70
Q

Expressed contract

A

A contract

71
Q

Express warranties

A

The actual indefinite state of a seller, either orally, or in writing, at the time of the sale

72
Q

Fee simple estate

A

Largest, most complete right in property

73
Q

Felony

A

A more serious criminal offense that is punishable by death, or by imprisonment in a penitentiary for more than one year

74
Q

Fiduciary

A

A relationship of trust and confidence, such as that which exists between partners in a partnership

75
Q

Foreign corporation

A

Designation that applies when a corporation operates in any state, other than where it is chartered

76
Q

Formal contract

A

Those contracts which must be in special form or produced in a certain way, such as under seal

77
Q

Fraud

A

The intentional or reckless, false statement of a material fact, upon which the injured party relied, which induced the injured party, to enter into a contract, to his or her detriment

78
Q

Future goods

A

Those good selected, which are not in existence at the time in which the contract was created

79
Q

General agent

A

One who is authorized to execute the principles business of a particular kind, or all the principles business at a particular place, if not all of one kind

80
Q

General partner

A

Those individuals actively and open the engaged in the business in held to everyone as a partner

81
Q

Goods

A

Movable, tangible personal property

82
Q

Holder

A

One in possession of commercial paper

83
Q

Identified goods

A

The good specified by the buyer and seller

84
Q

Implied authority

A

An agents authority to do things, not specifically authorized in order to carry out expressed authority

85
Q

Implied contract

A

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

86
Q

Implied warranties

A

Warranties implied by law, rising automatically, because the sale has been made

87
Q

Implied contractor

A

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

88
Q

Endorsee

A

A person who becomes the holder of a negotiable instrument by endorsement which named him or her as the person to whom the instrument is negotiated

89
Q

Endorsement

A

The signature or statement of purpose by the owner, on the back of a negotiable instrument, which indicates the future control of the instrument

90
Q

Injunction

A

A permanent judicial order or decree forbidding the performance of a certain act

91
Q

Intangible personal property

A

Evidences of ownership of personal property, such as stock of corporations, checks and copyrughts

92
Q

Judgment

A

A decision of a court of law

93
Q

Law

A

Those statues of conduct commanding what is right and prohibiting what is wrong

94
Q

Life estate

A

Estate for duration of a persons life

95
Q

Limited liability company

A

Newest form of business ownership recognized in the US; combines features of both the corporation in partnership

96
Q

Limited partner

A

Partners who have their liability for the firms debts limited to the amount of their investment

97
Q

Liquidated damages

A

The amount of the damages stipulated in a contract to be paid in the event one party breaches the contract

98
Q

Maker

A

The person who executes a promissory note

99
Q

Malpractice

A

A breach of contract by a professional person; do you to perform a professional service with the ability in care, generally expressed by others in the profession

100
Q

Merchant

A

A person who deals in goods of the kind or otherwise, by occupation, purports, to have knowledge or skill peculiar to the practices or a good involved in the transaction

101
Q

Minor

A

Those persons under legal age; by most states, but not all the standard is under the age of 18

102
Q

Misdemeanor

A

A list, serious, criminal offense, generally punishable by find and/or imprisonment of less than one year

103
Q

Misrepresentation

A

Stating in an untrue fact

104
Q

Necessaries

A

Items, required, or proper and useful, for sustaining a human being, and inappropriate living standard

105
Q

Negligence

A

The failure to exercise, ordinary care; omission to do something which is reasonable, prudent person would do under ordinary circumstances, or the doing or something, which is a reasonable and prudent would not do; the lack of duke care, a breach of a legal duty to act carefully resulting in injury to another, or damage to anothers property

106
Q

Negotiation

A

The act of transferring ownership of a negotiable instrument to another party

107
Q

Nominal damages

A

A token award to symbolize vindication of the wrong done to the plaintiff generally the reward is a dollar

108
Q

Novation

A

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

109
Q

Offer

A

A proposal to make a contract

110
Q

Offeree

A

The person to whom an offer is made

111
Q

Offeror

A

The party who initiates, or makes an offer

112
Q

Order paper

A

Commercial paper made payable to the order of some named party; the word order, or it’s equivalent must be used

113
Q

Ordinance

A

Law enacted by municipality

114
Q

Partnership

A

The voluntary association of two or more people who have combined the resources to carry on as coworkers of a lawful enterprise for their joint profit

115
Q

Payee

A

The party to whom any negotiable instrument is made payable

116
Q

Personal property

A

All property which is not real property

117
Q

Plaintiff

A

The individual who initiates a civil action

118
Q

Price

A

The consideration, stipulated by contract, generally expressed in money or money worth

119
Q

Principal

A

A party who appoints a second party, to serve as an agent

120
Q

Private corporation

A

A corporation formed by individuals to carry out some non-governmental function

121
Q

Punitive damages

A

An award paid to the plaintiff , in order to PUNISH the defendant, NOT TO COMPENSATE the plaintiff

122
Q

Qualified endorsement

A

An endorsement which limits the liability of the endorsor

123
Q

Ratification

A

Conforming an act, which is executed without authority or an act which was voidable

124
Q

Real property

A

Land in those objects permanently attached land

125
Q

Rescission

A

Canceling,annulling, avoiding

126
Q

Rejection

A

Refusal to accept

127
Q

Restrictive endorsement

A

An endorsement which prevents the use of the instrument for anything except the stated use

128
Q

Revocation

A

The enrollment or cancellation of an instrument, act or promise by one doing or making the offer

129
Q

Sale

A

The transfer of title to goods from the seller to the buyer for a consideration, called the price

130
Q

Service contracts

A

Contracting of services rather than goods

131
Q

Shareholders/stockholders

A

Those having title to one or more shares of stock in a corporation; combined, they represent ownership of the corporation

132
Q

Sherman antitrust act

A

Federal legislation intended to promote competition among businesses, by prohibiting restraint of trade

133
Q

Silent partner

A

An individual who takes no active part in the management of a partnership, but has capital invested in the business

134
Q

Simple contract

A

Any contract other than in formal contract, with a written, oral or implied

135
Q

Sole proprietorship

A

A business owned by one person who is subject to claims of creditors

136
Q

Special agent

A

One authorized by the principal to execute specific acts

137
Q

Special endorsement

A

An endorsement which designates the particular person to whom payment is to be made

138
Q

Special performance

A

A contract remedy by which the court requires the breaching party to perform the contract

139
Q

Stare decisis

A

The principle that the decision of a higher court should serve as a guide or precedent and control the decision of a similar case in the future

140
Q

Statute of frauds

A

Statute originally enacted by English parliament, and now enacted in some form, and all the American states, listening certain types of contracts, which could only be enforced, if in written form

141
Q

Statute of limitations

A

A law that restricts the period of time within which in action may be brought to court

142
Q

Statutes

A

Laws which are enacted by legislative bodies

143
Q

Subchapter S corporation

A

Is a creation of the tax codes; shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status

144
Q

Summons/process

A

I noticed, given to a defendant, attaching the complaint, and stating a timeframe in which an answer must be filled, or an appearance made

145
Q

Third-party beneficiary

A

Person not party to a contract, but parties intended to benefit

146
Q

Title

A

Ownership; evidence of ownership of property

147
Q

Tort

A

A private or civil wrong, other than by breach of contract, for which there may be action for damages

148
Q

Trial court

A

Court which conducts the original trial and renders its decision

149
Q

Undue influence

A

Improper influence that is a 30 by one dominant person over another, without the threat of farm

150
Q

Unenforceable contract

A

An agreement which at the current time is not enforceable by law

151
Q

Uniform commercial code

A

Recognized as the most important statute in business law, and it includes provisions, which regulates certain cells of goods and negotiable instruments

152
Q

Usurious

A

Exceeding the maximum rate of interest which may be charged or loans

153
Q

Valid contract

A

A contract which will be enforced by the court

154
Q

Void contract

A

An agreement of no legal effect

155
Q

Voidable contract

A

A contract, which would be an enforcement agreement, but due to circumstances, may be set aside by one of the parties

156
Q

Warranties

A

Guarantees made by a seller, that an article, good, or service will conform to a certain standard, or will operate in a certain manner

NBE/MO Funeral Service State Board Exams (24 decks)

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