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CLEP Introductory Business Law

Subjects : clep, law, business-law
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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2. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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3. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






4. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






5. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc






6. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






7. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






8. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






9. The person who is bringing the suit






10. A misrepresentation made with knowledge of its inaccuracy






11. The agreement to create a security interest






12. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.






13. Not discriminating against foreign product - thereby treating all products within their border equally






14. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






15. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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16. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






17. Both a rejection and termination of the original offer.






18. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






19. Defenses that would prevent the plaintiff from holding the defendant liable






20. A condition that cuts off a pre-existing duty






21. An interest in property or collateral granted in order to ensure payment of a debt or obligation






22. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






23. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






24. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






25. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






26. Regulates radio - television - and other forms of interstate communications






27. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






28. An exemption for securities sold outside of the U.S.






29. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






30. Previous decisions made by decisions - by which the current judges must abide by.






31. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






32. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






33. A quarterly report required by the Exchange Act






34. Oversees implementation of this benefit program of the Social Security Act






35. A contract that is made where two promises are outstanding.






36. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






37. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






38. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






39. Negative causation - due diligence defense - ...






40. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.






41. A condition that occurs at the same time as performance






42. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






43. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






44. Regulates the handling of the pesticides being exported from and imported into the U.S.






45. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






46. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






47. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






48. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






49. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






50. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.







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