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Business Law for Mortuary Science & Funeral Service Law > First Quarter Final Exam > Flashcards

First Quarter Final Exam Flashcards

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1
Q

Acceptance

A

assent to an offer indicating an agreement to accept it’s term

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2
Q

Administrative Agency Law

A
  • Commissions created by legislature
  • Enact rules to regulate business and industry
    (ex. FTC, OSHA ADA)
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3
Q

Affirmance

A
  • confirmation of something previously done
  • Minor can only affirm or ratify after reaching adulthood and
  • can only disaffirm as a minor (after affirming, you cant disaffirm)
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4
Q

Are contracts from incompetent people valid?

A
  • Adjudicated Incompetent people= void
  • Nonadjudicated Incompetent people= voidable like a minor until person is adjudicated
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5
Q

Are contracts with a minor valid?

A

Yes, voidable (the minor’s option) except for necessities

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6
Q

Assignments

A

transferring rights under a contract to a 3rd party; assignor to assignee

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7
Q

Beneficiary

A

person not a party to a contract that receives some benefit from it.

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8
Q

Bilateral Contract

A

a promise given in exchange for another’s promise

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9
Q

Bilateral/Mutual Mistake

A
  • Majority states say void
  • Some states say voidable
  • In any event, it is unenforceable
  • Must be mistake as to material part of contract such as the subject matter
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10
Q

Business Law

A

laws regarding the performance of business and commercial transactions

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11
Q

Case Law

A
  • Appellate court decisions
  • stare decisis (stand by the decision)
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12
Q

Civil Law

A

laws concerning private rights between individuals

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13
Q

Classification of the State Court System

A

a)Trial court – court of original jurisdiction. Known by many names depending on the state and location
b) Appellate Courts
1. Court of Appeals
2. Supreme Court of the state

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14
Q

Common Law

A
  • History and source of American Laws
  • a custom which has become recognized by the courts as binding on the community. Still referred to today in some cases.
  • Laws the Pilgrims brought from England.
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15
Q

compensatory

A

Actual damages you suffer.

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16
Q

Complaint/Petition

A

the lawsuit

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17
Q

Consideration

A
  • Whatever a promisor (offeror) gives or promises to give to another in exchange for that other person’s promise or action to give to them.
  • Both parties must give consideration but does not have to be equal. Must be something of value

Ex. You pay a contractor half the cost to build a shed before he begins building it. So he is bound to begin working and when he begins the work, you’re bound to pay him once the work is complete.

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18
Q

Constitution of the United States

A
  • supreme law of the US
  • defines relationship between different branches of government to each other and to the people
  • Has the Bill of RIghts (1st 10 amendments)
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19
Q

creditor beneficiary

A

loans money to a party of a contract
- may sue for breach

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20
Q

Crime

A
  • offense against society as a whole,
  • violation against a statute or ordinance
  • felony and misdemeanor
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21
Q

Defendant

A

person being sued

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22
Q

Delegation of duties

A

transferring your obligation to a 3rd party

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23
Q

Disaffirmance

A

renouncing a contract previously accepted (only minors can do this)

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24
Q

Discovery

A

depositions (oral) and interrogatories (written)

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25
Q

Divisible Contracts

A

Many parts that can be preformed separately

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26
Q

Donee Beneficiary

A

one who receives a gift under a contract
- may sue for breach

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27
Q

Equity

A

relief sought in lieu of money damages which would be awarded by a law court. Ex: suit in equity for a restraining order

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28
Q

Executed Contract

A

all terms have been completely performed

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29
Q

Executory Contract

A

all terms have not been completely performed

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30
Q

Expressed

A

all terms are stated either orally or written

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31
Q

Forbearance

A
  • promising (forbearing) not to do something.
  • Can act as consideration if you had a legal right to do it.
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32
Q

Formal Contract

A

Some states require a formality such as witnesses, a seal or notary
additional requirement for a valid contract

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33
Q

Function of the Courts

A

Listen to facts, evidence, etc. as it applies to the issue of law and make a decision

34
Q

Indivisible

A

All parts are performed as one

35
Q

Judge

A

bench trial (judge only)
the decision by a judge

36
Q

Jurisdiction

A
  • subject matter
  • court must have authority to hear a particular case;
  • personal (over the parties)
37
Q

Jury

A
  • A verdict
  • must be written (some states require a signature of all jurors)
38
Q

Law

A

rule of civil conduct commanding to do what is right and prohibiting what is wrong

39
Q

Liquidated

A

amount of money shown in contract if contract is breached

40
Q

Mailbox Rule

A

contract/agreement/paperwork must be postmarked by a certain time

41
Q

Minor

A
  • age at common law an adult was 21., but state statutes could be different
  • Most states – a minor is 17 and under for contractual purposes
42
Q

Necessities

A

food, clothing, shelter, medical, insurance, items necessary for school or work

43
Q

Nominal

A

breach of contract but no one suffers

44
Q

Offer and Acceptance

A

offeror proposes terms to an offeree
Only the offeree can accept the offer

45
Q

Option Contract

A

offeror accepts something of value to keep the offer open for a specified time

46
Q

Ordinances

A

Statutes enacted by local governments

47
Q

Parol Evidence Rule

A

can not introduce oral testimony to change terms of a written contract

48
Q

Plaintiff

A

person who files a lawsuit

49
Q

Punitive

A

money awarded to punish the other party; over or above

50
Q

Quasi Contract

A
  • an after-the-fact contract between two parties who were otherwise not in a legal commitment to one another.
  • mandated by a judge seeking to address a situation where one party benefited from something at the expense of the other.
51
Q

Ratification

A

giving formal consent to a contract making it officially valid

52
Q

Reason to Terminate Contracts

A
  • Performance: must be substantial and satisfactory to both parties
  • By Operation of Law: Bankruptcy, expiration of statute of limitations (5 years for verbal, 10 years for written), material alteration of a written contract
  • Impossibility of Performance: death (can have exceptions), insanity, illegality
  • Voluntary Agreement to terminate contract
53
Q

Remedies for Breach of Contract

A

you can either rescind and walk away OR sue for breach of contract

54
Q

Requirements for a Statutes of Frauds contract

A
  • can be a note or memorandum
  • all material terms must be stated
  • in existence by time of suit
  • signed by party being sued
    Parol Evidence Rule applies
55
Q

Restraint of Trade

A

Price fixing, dividing trade territories, and lesson competition

56
Q

Rules for Delegation of Duties

A
  1. can not transfer personal service contracts
  2. transferor is not relieved of liability
  3. if new party is substituted in for a party and other original party agrees to release the transferor of liability, a new contract is formed and is called a “Novation”
57
Q

Simple Contract

A

a contract not requiring a formality

58
Q

Specific Performance or relief in equity examples

A

Examples: injunction=perminant, restraining order= temporary, replevin= suite to recover personal property, performance

59
Q

Statute

A

enacted by state or federal government

60
Q

Statute of Frauds

A
  • Contracts required to be in writing (can’t sue if it’s not in writing)
  • applies to executory contracts only
61
Q

Statutory Law

A

formal enactments of a law by a legislature

62
Q

Subpoena

A

served on a witness

63
Q

Summons

A

served upon defendant

64
Q

Types of Money Damages

A

compensatory/actual
punitive
nominal
liquidated

65
Q

Unilateral Contract

A

a promise given in exchange for an act to be performed

66
Q

Unililateral Mistake

A
  • only one party makes a mistake
  • has no effect on validity
67
Q

Usary

A

charging an excessive rate of interest for the loaning of money

68
Q

Valid Contract

A

Completely enforceable by either party.

69
Q

Venue

A

location where a case is heard
(ie: state, county, city)

70
Q

Void

A

Completely unenforceable

71
Q

Voidable

A

valid but may be avoided by either or both parties

72
Q

What contracts are illegal by statute?

A

a) Gambling Contracts
b) Sunday Contracts
c) Usury
d) Unlicensed Operators
e)Sale of Prohibited Articles
f) Restraint of Trade

73
Q

What type of contracts have to be in writing?
Statute of Frauds

A
  • sale of land (real property) - impossible to perform within one year
    • promise to pay the debts of another person
  • agreements of executor or administrator to pay debts of an estate out of their own funds
    • any promise in consideration of marriage
  • sale of personal property in the amount of $500 or more, under UCC
74
Q

Writ of Certiorari

A

order to produce the record of a case heard by a lower court

75
Q

Precedent

A

court decision that may determine the decision in a subsequent case with the same facts and issues of law

76
Q

Requirements of a Valid Offer

A

definite, seriously intended, communicated to offeree

77
Q

Who can accept an offer?

A

Anyone except:
- minors- voidable except for necessities (food, clothing, shelter, medical, insurance, items necessary for school/work)
- adjudicated incompetent people- void
- unadjudicated incompetent people-voidable
- intoxicated people- same as minors

78
Q

Contracts not to compete

A

can be legal if reasonable re: time and area

79
Q

Unlicensed Operators

A

illegal to operate certain businesses without a license; contracts made under unlicensed operators are void

80
Q

Sue for specific performance/ suit in equity

A

a court issues an order requiring a party to perform a specific act, and to specifically perform according to the terms of a contract.

81
Q

Stare Decisis

A

the legal principle of determining points in litigation according to precedent.
- to stand by things decided

82
Q

Requirements of a valid contract

A

mutual agreement
competent parties
consideration
legality

Business Law for Mortuary Science & Funeral Service Law (21 decks)

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