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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. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






2. 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).






3. A creditor that does not have a security interest in any of the debtor's property or assets.






4. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






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






6. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






7. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






8. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






9. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






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






11. 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.






12. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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13. Misrepresentation that was made with intent






14. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






15. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






16. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






17. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






18. A promise that is inferred from a person's conduct or the circumstances of the transaction






19. 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






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






21. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






22. Negative causation - due diligence defense - ...






23. 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.






24. Actual performance of an obligation






25. The obligee who officially assigned over his rights






26. 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.






27. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






28. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






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






30. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






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






32. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






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






34. The creditor's security interest in real property






35. The written set of charges against the defendant - which is presented to a grand jury.






36. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






37. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason






38. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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39. The person who is bringing the suit






40. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






41. A person who is not an intended beneficiary






42. Offering made to purchase all or a portion of the shares of a specific company






43. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






44. 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.






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






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






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






48. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






49. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






50. The Constitution makes treaties the 'supreme law of the land'







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