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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 person to whom the right is assigned






2. It is an action to avoid unjust enrichment.






3. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






4. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






5. 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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6. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






7. A supervening stature makes a contract illegal - and thereby makes performance impossible






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






9. A company subject to the Exchange Act






10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






11. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






12. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






13. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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14. 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).






15. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






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






17. Negative causation - due diligence defense - ...






18. 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.






19. 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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20. A situation where one person unfairly benefits from a transaction






21. If the promisor substantially performs under teh contract






22. Discrimination based on race or sex






23. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






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






25. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






26. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






27. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






28. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






29. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






30. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






31. Employers make payments to retired employees based on the length of their employment and the wages they received.






32. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






33. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






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






35. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






36. The party seeking to appeal the previous court's decision






37. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






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






39. Misrepresentation that was made with intent






40. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






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






42. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






43. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






44. When the jury retires to a separate room to decide the outcome of the case.






45. Claims that the defendant has against the plaintiff






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






47. He has the enforceable right against the obligor because he is considered the real party interest.

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48. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






49. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






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