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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. 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






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






3. 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






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






5. One of the primary federal federal statutes






6. 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)






7. 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






8. 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






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






10. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






11. 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.






12. Prohibits institutions from discrimination related to credit applications






13. Seeks to promote market economics and democratic governments






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






15. A situation where one person unfairly benefits from a transaction






16. Rules of ethics that govern the practice of law and the conduct of lawyers






17. 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






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






19. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






20. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






21. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






22. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






23. 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






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






25. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






26. 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






27. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






28. 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






29. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.






30. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






31. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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






34. 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 -






35. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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






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






38. 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.






39. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






40. The obligee who officially assigned over his rights






41. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






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






43. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






44. Previous decisions made by decisions - by which the current judges must abide by.






45. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






46. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.






47. 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






48. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






49. Discrimination based on race or sex






50. It is a promise stated in words - either oral or written.