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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 US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






2. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






3. 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






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






5. It regulates chemical substances






6. Laws created by city councils or county boards - aimed at local matters






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

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8. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






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






10. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






11. The agreement to create a security interest






12. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






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






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






15. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






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






17. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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18. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






19. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






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

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21. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






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






23. Contracts that are formed for the intended benefit of some third party.






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






25. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






26. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






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






28. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






29. A quarterly report required by the Exchange Act






30. 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






31. Legally recognized injury






32. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






33. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






34. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






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






36. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






37. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






38. 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).






39. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






40. Claims that the defendant has against the plaintiff






41. The difference between the value of the property as substantially complete and the value of the property upon full performance






42. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






43. 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






44. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






45. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






46. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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47. Place of permanent residence






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






49. Treaties between two nations addressing investment concerns






50. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible