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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. 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






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






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






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






5. Claims that the defendant has against the plaintiff






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






7. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






8. A trivial defect in performance (the opposite of material breach).






9. 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






10. Negative causation - due diligence defense - ...






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






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






13. 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.'






14. 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'.






15. Punitive damage - non-economic damages - and attorneys' fees






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






17. Actions designed to permanently reduce the health and safety risk associated with the site.






18. 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






19. 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






20. 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






21. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






22. 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






23. 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.






24. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






25. 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.






26. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






27. Words or actions an individual may have intended - but did not communicate






28. Prevents discrimination against employees who are 40years old or more






29. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






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






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






32. 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.






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






34. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






35. 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.






36. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






37. 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






38. This is when the appellate court send the case back to the lower court for a new trial.






39. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






40. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






41. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






42. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve






43. 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.






44. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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45. If the promisor substantially performs under teh contract






46. An annual report required by the Exchange Act






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






48. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






49. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






50. The right to hold a security interest on a debtor's property.