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MOR 390 - Regulatory Compliance Review Flashcards | StudBud
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MOR 390 - Regulatory Compliance Review
MOR 390 - Regulatory Compliance Review
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Review of Business Law and Funeral Law
Flashcards
44 cards
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Questions
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Answers
1
Which of the following is true of a warranty of merchantability?
Unless excluded or modified, merchants don't make an implied WoM.
Relates only to the fitness of the product made or sold.
Imposes duty on merchant to employ a particular design for safety reasons.
Exists even after the risk of loss has passed to the buyer.
2
In which type of contract would two or more people
individually
agree to perform the same obligation?
Joint
Delegation
Several
Compensatory
3
What is the minimum weekly salary in order for the Overtime exemptions to take effect?
$255
$600
$455
$500
4
Instead of receiving insurance proceeds, a family has them sent directly to the FH. This transfer of rights is known as:
Delegation
Assignment
Joint contract
Novation
5
How long are employee exposure records maintained by the funeral home?
30 years
Employment Plus 30 years
10 years
Employment Plus 10 years
6
Which of the following best describes a debenture?
It is a note secured by mortgage on real estate.
It is a note secured by personal property.
It is an unsecured bond or note issued by a business firm.
It is a secured bond issued by the state government.
7
Which Federal Act prevents inequality of pay between genders?
Fair Labor Standards Act
Equal Pay Act
Civil Rights Act
Americans with Disabilities Act
8
Which of these disclosures is not required on the Statement of Funeral Goods and Services?
Embalming
Right of selection
Legal and Other requirements
Marked up cash advances
9
Which of the following best describes the term “acceptance”?
The assent of a seller to provide specific goods.
The assent of a buyer to become the owner of specific goods.
Taking repossession of goods by the seller once they have been sold.
The acknowledgement of a fact during the course of the sale.
10
A _____ indorsement designates the particular person to whom payment should be made.
restrictive
special
blank
depository
11
The person who is ordered to pay a draft is called the _____.
payee
drawer
drawee
acceptee
12
Which of these processes would revoke a will?
Add codicil to include new home
Sale of property named in will
Separating from a spouse
Destroy all copies
13
What is the Statute of Frauds?
It is a law requiring certain contracts to be oral.
It is a law prohibiting contracts made under duress.
It is a law requiring certain contracts to be put in writing.
It is a law prohibiting both active and passive fraud.
14
How long must a General Price List be kept?
10 years after last effective date
1 year after last effective date
10 years after effective date
1 year after effective date
15
A gift of personal property by will.
Ademption
Devise
Abatement
Bequest
16
When services/merchandise will be provided for a sum not exceeding the original amount:
Guaranteed
Irrevocable
Non-guaranteed
Revocable
17
Which of the following best describes the term “title”?
It is the right of ownership of property or evidence of ownership.
It is the temporary transfer of possession of personal property.
It is the transfer of possession of goods for the purpose of sale.
It is the right to inherit property in the future.
18
A person appointed by a will to carry out the provisions and settle the estate.
Testator
Administrator
Legatee
Executor
19
A
force majeure
clause in a contract is a provision that excuses performance by a party when:
The performance is made impossible by the wrongful act of the other party.
An act that was legal at the time of the contract, is later made illegal.
Death/physical incapacity makes it impossible to perform the contract.
An extraordinary event outside the party’s control occurs.
20
A non-managing funeral director will likely be classified as a:
Secret Agent
Independent Agent
Special Agent
General Agent
21
A decision of a higher court which is thereafter followed as an example of other courts.
Pre-emption
Precedent
Rules
Common law
22
Under which type of scenario is a contract not to compete usually valid?
Buyer of a FH prohibits seller from practicing in that town for 10 years
3 FHs agree take turns serving a community each month to avoid competition
Cremation society agrees not to operate in a state to minimize competition
Two FHs divide a service area to avoid competition
23
Per the UCC’s definition of a sale, in which of the following transactions has a sale taken place?
Party A pays Party B to repair his car.
Party A buys a spare USB charger for his phone.
Party A purchases the digital rights to new software for his computer.
Party A sublets an apartment for the summer from Party B.
24
A(n) ____________is one that the seller did not make but that is imposed by the law.
conditional warranty
limited guarantee
express guarantee
implied warranty
25
Which of the following would be considered passive fraud?
Refraining from disclosing pertinent facts
Concealment of facts
A statement of opinion
Express misrepresentation
26
Which of these is a statutory duty of a funeral director?
Safeguarding the body
Providing proper funeral services
Filing a death certificate
Providing proper embalming
27
The liability of a family member to
pay the
entire bill
if others who signed do not pay:
Severally liable
Jointly liable
Irrevocably liable
Tortly liable
28
Which of the following describes a joint contract?
No more than two parties can be involved.
Parties are not collectively entitled to the performance of another party.
Each party promises to do their individual part of the performance.
Both parties are obligated to the entire performance of the agreement.
29
The legal rate of interest is a rate:
that is applied when no rate is specified.
that is higher than the contract rate.
at which no interest is charged.
that is over and above the rate that is lawfully allowed.
30
Must prices be given to consumers who ask over the telephone?
No
Yes
31
Which of these would not have a right to control disposition?
Divorced spouse
Biological children
Adopted children
Estranged Spouse
32
Which of the following constitutes valid consideration?
A promise to do what one is already obligated to do
Past performance
A promise to refrain from doing an act that can be lawfully done
A promise to refrain from doing an illegal act
33
Termination of a contract and substitution of a new one with same terms but a new party:
Delegation
Novation
Breach
Assignment
34
Forfeiture of a decedent's property to the state in the absence of heirs.
Nuncupative
Insolvent
Intestacy
Escheat
35
A family buys a $600 urn from your FH. You do not have to provide a Statement of Goods & Services (i.e. a contract.)
False
True
36
Doctrine preventing the promisor from revoking a promise when the promisee justifiably acts in reliance on the promise:
Forbearance
Duress
Promissory estoppel
Fiduciary
37
A _____ is a draft payable on presentation by the payee or holder.
time draft
sight draft
coupon draft
trade draft
38
When one party announces intention not to perform prior to time to perform, this has occurred:
Damages
Specific performance
Anticipatory breach
Discharge
39
What duties does a bank owe its depositor/drawer?
Enforce a stop payment order for up to ninety days.
Refuse to pay any check which would cause an overdraft on the account.
Pay every check presented to it.
Compare the signature on the depositor’s check with the signature on file.
40
Which of the following constitutes fraud in execution?
When the party defrauded intended to make the contract
Fraud NOT related to the nature of the document signed
Defrauded party is tricked into signing a contract they didn't understand
Fraud involving false statements about terms/obligations of the contract
41
The promise of one person to protect another person from a lawsuit.
Guardian
Indemnification
Consanguinity
Springing Power of Attorney
42
The maker of a promissory note has accountability for:
expressly agreeing to pay the note according to its terms.
insuring the negotiability of the instrument.
acknowledging the existence of every indorser.
insuring the underlying conditions are met.
43
When one refrains or promises to refrain from doing something, this conduct is known as:
Forbearance
Duress
Disaffirmation
Negligence
44
If only one party makes a mistake on a contract, it is known as a:
Undue influence
Mutual mistake
Active fraud
Unilateral mistake
