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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 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'.






2. 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






3. 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).






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






5. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






6. A misrepresentation made with knowledge of its inaccuracy






7. 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






8. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






9. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






10. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






11. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






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






13. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend






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






15. 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.'






16. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






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

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18. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






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






20. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






21. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






22. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






23. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






24. 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)






25. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






26. 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.






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






28. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






29. 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






30. 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






31. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






32. When both parties agree to rescind the contract






33. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






34. 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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35. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






36. 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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37. 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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38. The person to extends credit or a loan - and hence the person to whom a debt is owed






39. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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40. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






41. Seeks to promote market economics and democratic governments






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






44. 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.






45. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






46. Prohibit discrimination based on pregnancy or childbirth






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






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






49. 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






50. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.







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