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FNRL 296

Legal and Regulatory

QuestionAnswer
The right to declare dividends depends upon the discretion of the ___. Board of directors
What would the death of a minority stock holder (a person holding only a small number of the total shares of the company) do to that company? Nothing
Exists when a seller requires the purchase of unwanted items/services in order to obtain the desired item/service. Tying Arrangements
An order, issued by a court, which can be either preliminary, temporary, or permanent ,which forbids or requires a specific performance is ___. An injunction
An individual who brings together contracting parties is called? A broker
A corporation has a distinct existence separate and apart from the existence of its individual members which is known as a(n)? Entity
A term involving a relation of trust or confidence is? Fiduciary
The act or process of proving a will? Probate
Written instruments drawn in a special form, which can be transferred from person to person as a substitute for money or as instruments of credit, are called? Negotiable instruments
A court which has jurisdiction over estates? Probate Court
In regard to an ethical funeral director's relationship with competitor's, which of the following is considered a proper goal? Cooperation
The FTC, Bureau of Funeral Directing, OSHA, ADA, are all examples of? Governmental interference
Which of the following is a fee that a funeral home could charge? Both Estate Claims Fee and Insurance Processing Fee
Requirements for a valid offer must include: Definite time, definite intent, and seriously intended.
The power to adopt laws for the protection of the public is? Police power
In terms of commercial transactions, a _____________ is a person who sells goods for a commission. Factor
Any rate of interest above the maximum rate allowable by law is said to be? Usurious
One who receives control but not actual possession of another's property for sale on commission is? A broker
On its GPL, may a funeral home use the term “basic cremation” instead of “direct cremation” or the term “simple burial” instead of “immediate burial?” Yes- but NOT in the Mandatory Disclosures.
Other than the sixteen goods and services which must appear on the GPL, may a funeral home give other items away for free? Yes
Which of these factors is correct regarding a guaranteed prefunded preneed funeral arrangement? The funeral director may keep any excess if the funds grew faster than costs went up
Items which are purchased by a consumer based on their interest or desire for something they can afford beyond basic needs are called: Fungible goods
What is the FTC minimum requirement for listing the prices of caskets on the GPL? List only lowest and highest usually offered caskets
The FTC Funeral Rule requires a minimum of ___ packages on the GPL. Four
The FTC, Bureau of Funeral Directing, OSHA, ADA, are all examples of? Police powers
Which of the following terms is defined as having a sense of honor, and fair dealings? Honesty
The concept of a citizen's rights to life, liberty, and the pursuit of happiness is found in? Constitutional law
When a man dies without a will and a woman files a petitions with the Courts to be in charge of his estate, the woman, once appointed, is known as? An Administratrix
In terms of commercial transactions, a _____________ is a person who sells goods for a commission. Broker
An instrument executed with required formality by a person making disposition of his/her property to take effect upon the time of their death. Will
Mutual mistakes as to the existence of the subject matter renders a contract. Void
Created by: WendigoBunny
 

 



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