Regulatory Compliance: Glossary Flashcards Preview

MOR 260: National Board Exam Review > Regulatory Compliance: Glossary > Flashcards

Flashcards in Regulatory Compliance: Glossary Deck (357):
1

A proportional reduction of a legacy under a will when assets out of which such legacy are payable are not sufficient to pay it in full

Abatement

2

An agreement to an offer resulting in a contract

Acceptance

3

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

Accord and satisfaction

4

The physical possession of the dead human body

Actual custody of the body

5

The extinction or withdrawal of a legacy under a will by an act equivalent to revocation

Ademption

6

An appointed governmental body charged with implementing particular legislation

Administrative agency

7

The body of law created by Federal and State administrative agencies to implement their powers and duties in the form of rules, regulations, orders, and decisions

Administrative law

8

* OSHA
* FTC
* State board rules

Administrative law

9

A man who has been appointed by the court to settle an estate

Administrator

10

A woman who has been appointed by the court to settle an estate

Administratrix

11

The party appointed by the principal to enter into a contract with a third party on behalf of the principal

Agent

12

Those drivers under the directions and control of a funeral director who is liable for their actions

Agent driver

13

One that is incorporated in a foreign country

Alien corporation

14

A federal statute prohibiting discrimination against the disabled in employment, public transportation, telecommunications services, and public accommodations and services operated by private entities

Americans with Disabilities Act (ADA)

15

Official document detailing a defendant's defense

Answer

16

Laws which seek to promote competition among businesses

Antitrust

17

Court hearing cases appealed from lower courts

Appellate court

18

A person engaged in learning the practice of funeral directing and/or embalming under instruction, direction, or personal supervision of a duly licensed funeral director and/or embalmer

* Apprentice
* Intern
* Resident trainee

19

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

Arraignment

20

To take into police custody

Arrest

21

The party to whom the assignment is made

Assignee

22

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

Assignment

23

The party making the assignment

Assignor

24

Power to act for someone else

Authority

25

The party who acquires possession but not the title of personal property in a bailment

Bailee

26

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

Bailment

27

The party who gives up possession, but not title, of property in a bailment

Bailor

28

A person in possession of an instrument

Bearer

29

A commercial paper payable to bearer

Bearer paper

30

Example: to the person having possession of such

Bearer paper

31

Recipient of a life insurance policy

Beneficiary

32

One who inherits property as specified in a will

Beneficiary

33

A gift of personal property by will

Bequest

34

The contract existing between the consignor (shipper) and the carrier

Bill of Lading

35

A document of conveyance that provides written evidence of one's title to tangible personal property

Bill of Sale

36

Having no words other than the signature of the endorser

Blank endorsement

37

A body of persons elected by the stockholders to define and establish corporate policy

Board of Directors

38

In the UAGA, defined as "organs, tissues, eyes, bones, arteries, blood, other fluids and other portions of a human body for transplantation

Body parts

39

After removal, without unnecessary mutilation, the custody of the remainder of the body rests with the person who otherwise has the right to control final disposition

Body parts

40

Administrative step taken after an arrested person is brought to a police station, which involves entry of the person's name, the crime for which the arrest was made, and other relevant facts on the police "blotter," and which may also include photographing, fingerprinting and the like

Booking

41

Total and irreversible cessation of brain function as indicated by a flat EEG reading

Brain death

42

A situation in which one of the parties to a contract fails or otherwise refuses to perform the obligation established in that contract

Breach of contract

43

Laws, ordinances, and government regulations setting forth requirements for construction, maintenance, operation, occupancy, use, or appearance of buildings

Building code

44

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

Business law

45

A dead human body intended solely for scientific study and dissection

Cadaver

46

Declared value of outstanding stock

Capital stock

47

Court decisions that establish precedent principles

Case law

48

A check drawn on a bank's own funds and signed by a responsible bank official

Cashier's check

49

Charge, fee or surcharge applied to consumers who purchase their casket elsewhere from a source other than the price list / funeral provider

Casket handling fees

50

Eliminated by the Amended Funeral Rule and can no longer be charged to the consumer

Casket handling fees

51

Printed or typewritten list of the casket and alternative containers normally offered for sale by the funeral provider which do not require special ordering

Casket Price List (CPL)

52

Must include retail price and enough descriptive information to enable consumers to identify the merchandise

Casket Price List (CPL)

53

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

Certificate of deposit

54

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

Certified check

55

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

Check

56

Legal proceedings concerned with the rights of public citizens

Civil law

57

The absence of all vital signs

* Clinical death
* Legal death

58

A designation which applies to a corporation in which outstanding shares of stock and managerial control are held by a limited number of people (often members of the same family)

* Close corporation
* Closed
* Closely held

59

An addition or amendment of a last will and testament executed with the same formality as the will

Codicil

60

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

* Commercial paper
* Negotiable instrument

61

Any carrier required by law to convey passengers or freight without refusal if the approved fare or charge is paid

Common carrier

62

Examples: Airline, train, etc.

Common carrier

63

A system of jurisprudence based on judicial precedents rather than statutory laws

Common law

64

Stock that entitles owner vote

Common stock

65

An award paid to the injured party to cover the exact amount of their loss, but no more

Compensatory damages

66

A written request initiating a civil suit

* Complaint
* Petition

67

That which the promisor demands and receives as the price for a promise

Consideration

68

One to whom goods are shipped by common carrier

Consignee

69

One who ships goods by common carrier

Consignor

70

Any fundamental or important law or edict

Constitution

71

Having the authority to control disposition although another party has physical possession

Constructive custody

72

An agreement between two or more competent persons which is enforceable by law

Contract

73

An agreement wherein a seller agrees to transfer title of goods to a buyer for a consideration (price), at a future time

Contract to sell

74

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

Contractual capability

75

An artificial being, invisible, intangible and existing only in contemplation of the law

Corporation

76

An entity that has a distinct existence separate and apart from the existence of its individual members

Corporation

77

The body of a dead human being, deprived of life, but not yet entirely disintegrated

* Corpse
* Dead human body

78

An intended acceptance which changes or qualifies the offer, and is a rejection of the original offer

Counteroffer

79

The person to whom the promise of a contract owes an obligation or duty which will be discharged to the extent that the promisor performs the promise

Creditor beneficiary

80

A legal process used by one wishing to collect a debt from an estate

Creditor's claim

81

The reduction of a dead human body to inorganic bone fragments by intense heat in a specifically designed retort or chamber

Cremation

82

An action in violation of constitution, status, or ordinance

* Crime
* Criminal act

83

Examples: Treason, felony, misdemeanor

* Crime
* Criminal act

84

Laws dealing with crimes and the punishment of wrongdoers

Criminal law

85

A funeral director becomes the legal protector of a dead human body from the time of removal until final disposition

Custodian

86

A state of complete and irreversible cessation of metabolic processes leading ultimately to dissolution of the organs

Death

87

The person against whom legal action is brought

Defendant

88

Relationship to decedent of his relatives

Degree of kindred

89

Each generation is one degree, counting to a common ancestor

Degree of kindred

90

A gift of real estate made by will

Devise

91

One who inherits real estate under a will

Devisee

92

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

Disaffirmance

93

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

Discharge

94

Pretrial steps taken to learn the details of the case

Discovery

95

The removal of a human corpse previously buried in the earth

* Disinterment
* Exhumation

96

Providing documents (GPL) for retention and review (CPL, OBCPL)

Distribution

97

A policy of courts to stand by a precedent and apply it to all future cases where the facts are substantially the same

Doctrine of stare decisis

98

To stand by things decided

Doctrine of stare decisis

99

Operates in the state that granted the charter

Domestic corporation

100

A third party beneficiary to whom no legal duty is owed and for whom performance is a gift

Donee beneficiary

101

Partner unknown to public with no part in management

* Dormant
* Sleeping partner

102

A written order signed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer, either on demand or at a certain time

Draft

103

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

Drawee

104

The person who executes any draft

Drawer

105

Exists when person executes a power of attorney which will become or remain effective in the event he or she should later become disabled

Durable power of attorney

106

A means of removing one's free will

Duress

107

Obtaining consent by means of threat to do harm to the person, his family, or his property

Duress

108

A person, properly licensed, who disinfects, preserves, or restores a dead human body

Embalmer

109

The inherent power of a government to take private property for public use

Eminent domain

110

In the U.S. just compensation to the property owners is required

Eminent domain

111

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

Employee

112

The party who hires employees to do certain work

Employer

113

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

Endorsee

114

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

Endorsement

115

Person who writes his or her name on back of instrument

Endorser

116

The placing of a remains in a crypt in a mausoleum

Entombment

117

A governmental agency with environmental protection regulatory and enforcement authority

Environmental Protection Agency (EPA)

118

Forfeiture of a decedent's property to the state in the absence of heirs

Escheat

119

The property of a deceased person, both real and / or personal

Estate

120

A set of moral principles or values governing individuals or groups

Ethics

121

Conforming to accepted professional standards of conduct

Ethics

122

Those contracts in which the parties have fulfilled the terms

Executed contracts

123

The carrying out or completion of some task

Execution

124

A man appointed by the will of a deceased person to carry out the provisions thereof and settle the estate

Executor

125

Those contracts in which the terms have not been completely executed or fulfilled

Executory contracts

126

A woman appointed by the will of a deceased person to carry out the provisions thereof and settle the estate

Executrix

127

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

Existing goods

128

Reasonably anticipated skin, eye, mucous membrane, or parenteral contact with blood or other potentially infectious materials that may result from the performance of an employee's duties

Exposure, occupational

129

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

Express authority

130

A contract in which the parties express their intentions, either orally or in writing, at the time of the agreement

Express contract

131

The actual and definite statement of a seller, either verbally or in writing, guaranteeing a standard or level of performance

Express warranty

132

Agency of Federal government created in 1914 to promote free and fair competition by prevention of trade restraints, price fixing, false advertising, and other unfair methods of competition

Federal Trade Commission (FTC)

133

A criminal offense that is punishable by confinement in prison or by death

Felony

134

Death of a product of conception prior to the complete expulsion or extraction from its mother

Fetal death

135

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

Fiduciary

136

The conclusive performance of services with respect to the dead human body

Final disposition

137

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

Foreign corporation

138

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

Formal contract

139

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

Fraud

140

Those goods which are not in existence at the time a contract is agreed to

Future goods

141

A person properly licensed, engaged in, or conducting, or holding himself out as being engaged in preparing, other than by embalming, for the burial or disposition of dead human bodies; maintaining or operating a funeral establishment for the preparation and disposition, or for the care of dead human bodies

Funeral director

142

A place of business used in the care and preparation for the funeral and / or final disposition of dead human bodies

Funeral establishment

143

Any person, partnership or corporation that sells or offers to sell funeral goods and funeral services to the public

Funeral provider

144

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

General agent

145

An individual actively and openly engaged in the business and held out to everyone as a partner

General partner

146

An instrument in writing authorizing one person to do anything for the principal

General power of attorney

147

One part has full power of attorney for another party

General power of attorney

148

A printed list of goods and services offered for sale by funeral provider with retail prices

General Price List (GPL)

149

Considered the keystone of the Funeral Rule

General Price List (GPL)

150

Movable tangible personal property

Goods

151

The intentional failure to perform a manifest duty in reckless disregard of the consequences as affecting the life or property of another

Gross negligent

152

A judicial appointment of a person to administer the affairs of another person who is incompetent by virtue of age or legal disability

Guardian

153

One where the funeral home guarantees that the services and merchandise will be provided at the time of need for an amount not exceeding the original amount of the contract plus any accruals, regardless of the cost of providing the services and merchandise at the time of the funeral

Guaranteed contract

154

One who inherits or is entitled to receive property by law

Heir

155

One in possession of commercial paper

Holder

156

A will written entirely by the testator with his own hand

Holographic will

157

One who owns or controls real estate where a death occurs

Householder

158

The goods specified by the buyer and seller

Identified goods

159

An agent's authority to do things not specifically authorized in order to carry out express authority

Implied authority

160

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

Implied contract

161

A warranty imposed by law, arising automatically because the sale has been made

Implied warranties

162

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

Independent contractor

163

The estate which passes from the decedent to his / her heirs

Inheritance

164

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

Injunction

165

The condition of the estate of a deceased person which is unable to pay the debts of the decedent and / or the estate

Insolvent estate

166

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

Intangible personal property

167

The act of placing the dead human body in the ground

Interment

168

The state or condition of dying without having made a will

Intestate

169

The succession of an heir at law to the property and estate of his ancestor when the latter has died without a will

Intestate succession

170

Between states

Interstate

171

Within a state

Intrastate

172

Listing and valuation of a decedent's assets by personal representative of the estate

Inventory (in probate)

173

The method of price quotation by which each unit of service and / or merchandise is priced separately

Itemization

174

A decision of a court

Judgment

175

A public officer whose duties may include, among other things, the investigation of death

Justice of Peace

176

One's relatives collectively

Kin

177

Referring to blood relationship

Kin

178

Legally, not a kin

Surviving spouse

179

Those rules of civil conduct commanding what is right and prohibiting what is wrong

Law (Blackstone's definition)

180

One who inherits personal property under a will

Legatee

181

Responsibility for wrongful acts

Liability

182

A claim or charge against property for payment of some debt

Lien

183

Can't occur against a dead human body for it is not property

Lien

184

Newest form of business ownership recognized in the U.S.

Limited liability corporation

185

Combines features of both the corporation and partnership

Limited liability corporation

186

Partner whose liability for the firm's debts is limited to the amount of his / her investment

Limited partner

187

A provision in a contract fixing the amount of the damages to be paid in the event one party breaches the contract

Liquidated damages

188

The complete expulsion or extraction from its mother of a product of conception which, after such separation, breathes or shows any other evidence of life

Live birth

189

Automotive equipment made available for hire

Livery

190

A document which governs the withholding or withdrawal of life-sustaining treatment from an individual in the event of an incurable or irreversible condition that will cause death within a relatively short time, and when such person is no longer able to make decisions regarding his / her medical treatment

Living will

191

The person who executes a promissory note

Maker

192

A breach of contract by a professional

Malpractice

193

Failure to perform a professional service with the ability and care generally exercised by others in the profession

Malpractice

194

This must accompany a hazardous product

Material Safety Data Sheet (MSDS)

195

A requirement of the Department of Labor and OSHA under the Hazard Communication Standard

Material Safety Data Sheet (MSDS)

196

A public officer whose duty it is to investigate cause of death when the question of accident, suicide, or homicide may be evident, or where there was no doctor in attendance

* Medical examiner
* Coroner
* Justice of Peace

197

Mental suffering resulting from grief, severe disappointment, indignation, wounded pride, shame, public humiliation, despair, etc., usually accompanied by physical injury or by an outrageous intentional or grossly negligent act

Mental anguish

198

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

Merchant

199

A person under full legal age

Minor

200

In most states (but not all), the standard is under the age of eighteen

Minor

201

A criminal offense which is neither treason nor a felony

Misdemeanor

202

Stating an untrue fact

Misrepresentation

203

A place where dead human bodies are kept until identified and / or released for final disposition

Morgue

204

A secured loan on a parcel of real estate

Mortgage

205

Crime involving a willful wrongdoing, usually a felony

Moral turpitude

206

That branch of law that relates to matters concerned with the disposal of the dead

* Mortuary law
* Mortuary jurisprudence
* Funeral service law

207

Altering of an object or a dead human body from its original condition

Mutilation

208

Items, required or proper and useful, for sustaining a human being at an appropriate living standard

* Necessaries
* Necessities

209

Examples: food, clothing, and shelter

* Necessaries
* Necessities

210

Failure to exercise ordinary care

Negligence

211

Omission to do something which a reasonable, prudent person would do under ordinary circumstances or the doing of something which a reasonable and prudent person would not do

Negligence

212

The lack of due care (exercised by a wrongdoer who has not acted as a reasonable person would)

Negligence

213

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

* Negotiable instrument
* Commercial paper

214

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

Negotiation

215

A token award to symbolize vindication of the wrong done to the plaintiff

Nominal damages

216

Generally, the award is $1.00

Nominal damages

217

Person who pretends to be a partner or permits others to represent him or her as a partner

Nominal partner

218

Services not to be included in prices of other categories that are furnished by a funeral provider in arranging any funeral, such as conducting the arrangements conference, planning the funeral, obtaining necessary permits, and placing obituary notices

Non-declinable fee

219

The change of one of the parties to a contract at the mutual agreement of the original parties

Novation

220

A landowner's use of property which interferes with the public's or another landowner's use of his property

Nuisance

221

Act, occupation, or structure that is not a nuisance per se, but may become a nuisance by circumstances of the location or manner in which it is operated

Nuisance in fact

222

Act, occupation, or structure which is a nuisance at all times and under all circumstances

Nuisance per se

223

May be prejudicial to public morals, dangerous to life, or injurious to public rights

Nuisance per se

224

Oral will dictated by testator during last illness before appropriate witnesses to dispose of personal property and afterwards reduced to writing

Nuncupative will

225

A governmental agency with the responsibility for regulatory and enforcement of safety and health matters for most employees

Occupational Safety and Health Administration (OSHA)

226

An expression of willingness to enter a contractual agreement

Offer

227

The person to whom an offer is made

Offeree

228

The party who initiates, or makes, an offer

Offeror

229

A commercial paper made payable "to the order of" some named party

Order paper

230

The word "order" or its equivalent must be used

Order paper

231

A law passed by a municipal governing body pertaining to matters not already covered by Federal or State law

Ordinance

232

Examples: zoning, building, safety, etc)

Ordinance

233

Printed or typewritten list of outer burial containers normally offered for sale by the funeral provider which do not require special ordering

Outer Burial Container Price List (OBC PL)

234

Must include retail price and enough descriptive information to enable consumers to identify the merchandise

Outer Burial container Price List (OBC PL)

235

An act with complete disregard for proper conduct

Outrageous act

236

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

Partnership

237

A method of expressing low concentrations

Parts per million (ppm)

238

Equivalent to 1 milligram per liter

1 ppm (parts per million)

239

In contaminated air, the parts of vapor or gas (formaldehyde) per million parts of air by volume

Parts per million (ppm)

240

In solution the parts of chemical per million parts of solution

Parts per million (ppm)

241

Stock with an assigned face value

Par-value stock

242

The party to whom any negotiable instrument is made payable

Payee

243

The method of dividing up an estate by which an equal share is given to each of a number of persons, all of whom stand in equal degree to the decedent

Per capita

244

The method of dividing an estate where a class or group takes the share which the deceased would have been entitled to, and not as so many individuals, i.e., by right of representation

Per stirpes

245

The maximum legal limits established by OSHA for regulated substances

Permissible exposure limit (PEL)

246

Based on employee exposure that is time-weighted over an 8-hour work shift

Permissible exposure limit (PEL)

247

When these limits are exceeded, employers must take proper steps to reduce employee exposure

Permissible exposure limit (PEL)

248

For formaldehyde, is .75 ppm

Permissible exposure limit (PEL)

249

All property which is not real property

Personal property

250

Contract which involves such personal knowledge, skills or confidence that it can only be performed by the person with whom it is made

Personal service contract

251

A contract whereby both parties should recognize that any breach will usually cause anguish

Personal service contract

252

A person who represents and settles the estate of deceased persons

Personal representative

253

Examples: Executors, administrators

Personal representative

254

A written request initiating a civil suit

* Petition
* Complaint

255

The individual who initiates a civil action

Plaintiff

256

The inherent power of every government to make reasonable laws to protect the safety health, morals, and general welfare of its citizens

Police power

257

An instrument granting someone authority to act as agent or attorney-in-fact for the grantor

Power of attorney

258

Revocable and automatically terminates upon the death or incapacity of the principal

Power of attorney

259

A decision of a court which is thereafter followed as an example by other courts

Precedent

260

Stock giving special advantage as to payment of dividends, upon liquidation or both

Preferred stock

261

That facility in a funeral home especially designed and equipped for embalming and preparation of dead human bodies

Preparation room

262

That consideration stipulated by contract, generally expressed in money or money's worth

Price

263

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

Principal

264

those who transport only in particular instances and only for those they choose to contract with

Private carriers

265

Examples: funeral home vehicles, livery

Private carriers

266

A corporation formed by individuals to form some non-governmental function

Private corporation

267

The act or process of proving a will

Probate

268

A court having jurisdiction over estates

Probate court

269

The property of a decedent that is subject to administration by the executor or administrator of an estate

Probate estate

270

A notice of complaint given to a defendant, defining the complaint and a time frame in which a response, or answer, must be filed, and which serves the purpose of conferring personal jurisdiction over the defendant

* Process
* Summons

271

An equitable doctrine that prevents the promisor from revoking the promise when the promisee justifiably acts in reliance upon the promise to his detriment

Promissory estoppel

272

A negotiable instrument containing a promise to pay

Promissory note

273

One who takes initial steps to form corporation

Promoter

274

Anything that may be owned

Property

275

A corporation formed to carry out government functions

Public corporation

276

An award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff

Punitive damages

277

An endorsement which limits the liability of the endorser

Qualified endorsement

278

A fictional contract applied by a court for a person who is unable to contract for himself, i.e., medical care, death

Quasi contract

279

An obligation which law creates in the absence of agreement

Quasi contract

280

Is invoked by courts where there is unjust enrichment

Quasi contract

281

The function is to raise an obligation in law where, in fact, the parties made no promises

Quasi contract

282

The accepted theory of the legal status of a dead human body

Quasi-property theory

283

Rights associated with the body are as if it were property for the purpose of disposition only

Quasi-property theory

284

Confirming an act that was executed without authority or an act which was voidable

Ratification

285

Land and those objects permanently attached to land

Real property

286

The relationship existing between two states whereby each extends privileges of licenser to licensees of the other state

Reciprocity

287

Refusal to accept

Rejection

288

An action to recover possession of personal property

Replevin

289

Canceling, annulling, avoiding

Rescission

290

Provision in a deed limiting the use of property and prohibiting certain uses

Restrictive covenant

291

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

Restrictive endorsement

292

The annulment or cancellation of an instrument, act or promise by one doing or making it

Revocation

293

Enactments by an administrative body governing the jurisdiction of that agency

Rules and regulations

294

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

Sale

295

Partner active in a business unknown to the public

Secret partner

296

A claim that is supported by a pledge of assets belonging to the debtor

Secured claim

297

The contracting of services rather than goods

Service contracts

298

Those having title to one or more shares of stock in a corporation

* Shareholders
* Stockholders

299

Combined, they represent ownership of the corporation

* Shareholders
* Stockholders

300

Legislation intended to promote competition among businesses by prohibiting restraint of trade

Sherman Antitrust Act

301

Legal limits established by OSHA to which workers can be exposed continuously for a short period of time without damage or injury

Short Term Exposure Limit (STEL)

302

Exposure should not be for more than 15 minutes and not repeated more than four times per workday

Short Term Exposure Limit (STEL)

303

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

Silent partner

304

Any contract other than a formal contract, whether written, oral or implied

Simple contract

305

A nuncupative will, informal in nature, in which a soldier in the field or sailor at sea may dispose of personal property only

Soldiers and Sailors Will

306

An estate in which the assets exceed the liabilities

Solvent estate

307

A business owned by one person

Sole proprietorship

308

One authorized by the principal to execute specific acts

Special agent

309

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

Special endorsement

310

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

Special performance

311

An instrument in writing authorizing one person to act as an agent for another affective only upon a certain event occurring

Springing power of attorney

312

A policy of courts to stand by a precedent and apply it to all future cases where the facts are substantially the same

Stare decisis

313

To stand by things decided

Stare decisis

314

A particular law enacted by a legislative body

Statute

315

Itemized written statement provided for retention to each person who arranges a funeral or other disposition

Statement of Funeral Goods and Services Selected

316

Must include the goods and services selected and prices paid for each, itemization of cash advance items and the total cost

Statement of Funeral Goods and Services Selected

317

Law created by legislative bodies in contrast to law generated by judicial opinions (case law) and administrative bodies

Statutory law

318

Law generated by judicial opinions

Case law

319

A statute originally enacted by the English Parliament and now enacted in some form in all states, listing certain types of contracts which could be enforced only if in written form

Statute of Frauds

320

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

Statute of Limitations

321

Those having title to one or more shares of stock in a corporation

* Stockholders
* Shareholders

322

Combined, they represent ownership of the corporation

* Stockholders
* Shareholders

323

A creation of the tax codes

Subchapter S Corporation

324

Shareholders elect to be taxed as a partnership (no double taxation) without losing corporation status

Subchapter S Corporation

325

A notice of complaint given to a defendant, defining the complaint and a time frame in which a response, or answer, must be filed, and which serves the purpose of conferring personal jurisdiction over the defendant

* Summons
* Process

326

The condition of leaving a will at death

Testate

327

A man who makes a valid will

Testator

328

A woman who makes a valid will

Testatrix

329

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

Third party beneficiary

330

An evaluation of exposures that are time-weighted over an established period

Time-Weighted Average (TWA)

331

Allows the exposure levels to be averaged generally over an 8-hour time period

Time-Weighted Average (TWA)

332

A wrongful act committed by one person against another person or his property

Tort

333

Stock reacquired by a corporation

Treasury stock

334

Courts that conduct the original trial and render their decision

Trial courts

335

Occurrence of situation that requires certain action

Triggering event

336

Triggering event for giving out the GPL

Face-to-face meeting

337

One who holds a position of trust to beneficiary

Trustee

338

In funeral arrangements, the person who has the right to control the funeral on behalf of all survivors

Trustee

339

Offering items of funeral goods and services as separate items and not conditioned on the purchase of another item or service

Un-bundle

340

The itemization of offerings of funeral goods and funeral services

Un0bundle

341

Improper influence that is asserted by one dominant person over another, without the treat or harm

Undue influence

342

An agreement which is not in the form required by law

Unenforceable contract

343

A law permitting a person of legal age and sound mind to give all or any part of his body to take effect upon his / her death or giving the right to another

Uniform Anatomical Gift Act

344

Recognized as the most important statute in business law

Uniform Commercial Code

345

Includes provisions which regulate certain sales of goods

Uniform Commercial Code

346

A model law to achieve uniformity to probate proceedings throughout the U.S.

Uniform Probate Code

347

A one-sided contract / agreement formed when an act is done in consideration for a promise

Unilateral contract

348

A claim that is not supported by a pledge of other assets belonging to the debtor

Unsecured claim

349

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

Usurious

350

A contract which will be enforced by the court

Valid contract

351

The registration, preparation, transcription, collection, compilation, and preservation of data pertaining to birth, adoptions, deaths, stillbirths, marital status, etc.

Vital statistics

352

An agreement of no legal effect

Void contract

353

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

Voidable contract

354

Those drivers not under the direct control of the funeral director

Volunteer driver

355

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

Warranties

356

An instrument executed with required formality by a person-making disposition of his / her property to take effect upon his / her death

Will

357

A law passed by a municipality by virtue of the police power that regulates and prescribes the kind of building, residences, or businesses that shall be built and used in different parts of the municipality

Zoning ordinance

Decks in MOR 260: National Board Exam Review Class (42):