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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 who assigns her rights






2. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






3. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






4. 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.






5. The obligation to establish his claims first






6. 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






7. The right of both parties to gain information concerning the other party and her witnesses.






8. 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






9. 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.






10. 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.






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






12. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr






13. 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.






14. It is an action to avoid unjust enrichment.






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






16. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






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






18. 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






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






20. 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.






21. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






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






23. The person to whom the right is assigned






24. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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25. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






26. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






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






28. The property that is the subject of a security interest






29. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






30. The person being sued






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






32. 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






33. Defenses that would prevent the plaintiff from holding the defendant liable






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






35. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






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






37. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






38. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






39. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






40. 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






41. The promisor's failure to perform in accordance with the terms of the contract






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






43. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






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






45. 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






46. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






47. Seeks to promote market economics and democratic governments






48. When the creditor initiates the proceedings.






49. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.






50. 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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