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Law I Final Quiz
What's partnership dissolution?
What's caveat emptor mean?
Law I Final Quiz
40 terms
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StudBud Administration
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8 plays
Business and Funeral Service Law I
Flashcards
40 cards
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Practice quiz
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Questions
40
Answers
1
What's caveat emptor mean?
Buyer beware rule
Product warranty
Seller guarantee
Quality promise
2
What's partnership dissolution?
Brief pause
Legal end of partnership
Manager change
Owner switch
3
What's Magnuson-Moss Act do?
Product safety
Sales contracts
Sets warranty rules
Price rules
4
What's the majority age?
19 years old
16 years old
18 years old
21 years old
5
What's apparent authority?
What others think agent can do
Direct orders
Emergency power
Written permit
6
What's sole proprietor liability?
Unlimited personal
Investment limit
Business assets only
No liability
7
How can agency end?
Auto renewal
Mutual agreement
Death bankruptcy quit
Court order only
8
Who is a merchant?
Service worker
Casual seller
Consumer only
Regular goods dealer
9
What's constructive possession?
Legal title
Control without handling
Owner rights
Physical control
10
What makes a bailment?
Long-term lease
Temporary possession
Ownership change
Property sale
11
What is product liability about?
Service failures
Harm from defective items
Worker injuries
Contract breaks
12
What do appellate courts do?
Create new laws
Interpret & set precedents
Write legislation
Enforce regulations
13
What's a warranty for?
Guarantee proper use
Price protection
Return rights
Sales promotion
14
What happens when a partner declares bankruptcy?
Others pay debts
Business continues
Partnership dissolves
Partner removed
15
What's consideration?
Verbal promise
Written terms
Time limit
Value exchanged
16
What's an insurance binder?
Coverage denial
Temp policy document
Claim form
Payment record
17
What makes contracts voidable?
Late payments
Minor errors
Tech mistakes
Fraud or duress
18
What's insurable interest?
Policy limit
Insurance cost
Financial stake in item
Coverage type
19
What's renunciation?
Power transfer
Principal fires
Contract ends
Agent quits authority
20
What's key in term life insurance?
Lifetime with savings
Investment options
Set period no cash value
Guaranteed payout
21
What is a mutual benefit bailment?
Holder benefits only
Both parties benefit
No party benefits
Owner benefits only
22
Who is the principal?
The agent
A contractor
Person giving authority
Third party
23
How do partners share profit?
Equal by default
By work hours
By seniority
By age
24
What is arraignment?
Trial process
Sentencing
Appeal hearing
Formal charge & plea
25
What defines real property?
Buildings only
Movable assets
Land & attachments
Personal items
26
What's parol evidence rule?
Writing required
No verbal deals
Can't change written deal
Evidence rules
27
What are habitable conditions?
Luxury amenities
Basic living requirements
Optional utilities
Full furnishing
28
What's unconscionability?
Paper error
Tech mistake
Extremely unfair terms
Small error
29
What's a bilateral contract?
One-sided duty
Mutual future promises
Payment agreement
Service deal
30
Define indemnification
Insurance pay
Pay for losses as agent
Contract fine
Court costs
31
What is vicarious liability?
Insurance for accidents
Injury coverage
Contract liability
Employer liable for employee acts
32
What builds case law?
Local codes
Legislative acts
Agency rules
Court decisions
33
What's administrative code?
Court choices
Local laws
Agency rule collection
Federal rules
34
Why use umbrella insurance?
Health supplement
Basic liability only
Covers excess claims
Property damage only
35
What's market price?
Making cost
Current trade rate
Future value
Wholesale price
36
What defines an independent contractor?
Has multiple employers
Seasonal employee
Temporary worker
Works without employer control
37
What is ratification in agency law?
Contract is signed
Authority transfer
Agent gets prior approval
Principal approves after the fact
38
LLC member liability is?
Limited to investment
Unlimited debt
All share debt
Full business debt
39
Define municipal ordinances
State rules
Federal laws
Court orders
Local government rules
40
What are fungible goods?
Unique things
Special orders
Custom products
Interchangeable items
