Instruments of Credit and Collection
A writing drawn in special form which can be transferred as a substitute for money
Negotiable Instrument
Power to act for someone else
Authority
The transfer of possession, but not the title, of personal property, under agreement
Bailment
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
Failure to perform with ability and care normally exercised by people in a profession
Malpractice
A negotiable instrument containing a promise to pay
Promissory Note
Transfer of contractual duties to a third-party
Delegation
The contract existing between the consignor and and the carrier
Bill of Lading
The actual and definite statement of a seller, either verbally or in writing, at the time of the sale
Express Warranty
Inducing another to contract as a result of an intentionally or recklessly false statement of a material fact
Fraud
An order by a depositor to the bank to pay a sum of money to a payee
Check
One who is given broad authority to conduct the principal's business
General Agent
Goods which are, at the time of the contract, in existence and owned by the seller
Existing Goods
Protections imposed by law, arising automatically because the sale has been made
Implied Warranty
A false statement of a material fact
Misrepresentation
The person, company or financial institution ordered to pay a check
Drawee
Special Agent
Moveable and tangible property
Personal Property
The type of warranty offered by a funeral director through selling merchandise such as caskets, vaults and urns
Implied Warranty for merchantability and fitness for a particular purpose
Exceeding the maximum rate of interest which may be charged on loans
Usurious
You receive a check for selling your old textbooks to an incoming CCMS student. You decide to sign the check over to CCMS. What type of indorsement should you use?
Special Indorsement
An agent's authority to do things in order to carry out express authority
Implied Authority
The transfer of title to goods from the seller to the buyer for consideration
Sale
The existence of a warranty by a funeral director which arises from the sale of funeral merchandise, exists because the funeral director is considered:
Merchant
You meet will Sally May whose husband passed away yesterday. She expresses to you that she is on a limited budget and would like to stay under $10,000.00 for her husbands funeral. She also expresses the importance of seeing her husband both privately and through a public visitation. After planning services, Sally has about $5,500.00 in charges. You take sally into the the selection room to select a casket. She is instantly draw to to a blue, 20 gauge, non-gasketed casket that is in her price range. You draw her attention to a 300 series stainless steel casket which costs more than double the casket that she originally liked. Sally isn't very interested in the more expensive casket because she is being conscious of her budget. In order to make the sale, you tell Sally that the 20 gauge casket is usually selected by families that don't want to view their loved one and don't care that it will fill with water underground, which will accelerate her husbands decomposition. This is an example of:
Undue Influence