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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. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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2. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






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






4. The documents that parties file in connection with their lawsuit






5. The creditor's right to take possession of the property is called foreclosure






6. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






7. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






8. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






9. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






10. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea






11. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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12. The agreement to create a security interest






13. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






14. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






15. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






16. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






17. Regulates air and water pollution as well as address problems associated with certain toxic substances






18. A condition that must occur before a duty to perform arises






19. A current report required by the Exchange Act






20. Regulates trusts and monopolies






21. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






22. Laws that states have passed that aim at regulating securities transactions within their states.

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23. If the promisor substantially performs under teh contract






24. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






25. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






26. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






27. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






28. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






29. Treaties among several parties that seek to allocate rights and responsibilities among the parties






30. Place of permanent residence






31. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






32. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






33. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






34. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






35. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






36. 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.






37. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






38. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






39. Administers federal labor laws






40. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.






41. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






42. The exchange of promises or an exchange of a promise for a performance.






43. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






44. 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






45. Seeks to promote market economics and democratic governments






46. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






47. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






48. Claims that the defendant has against the plaintiff






49. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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50. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -