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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. 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






2. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






3. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






4. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






5. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






6. 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






7. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






8. 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.






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






10. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






11. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






12. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






13. When the plaintiff's damages were caused by something other than the misrepresentation or omission






14. 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






15. An exemption for certain small offerings






16. 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.






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






18. 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






19. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






20. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






21. Laws that states have passed that aim at regulating securities transactions within their states.

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22. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






23. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






24. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






25. Discrimination based on race or sex






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






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






28. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






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






30. Ethical behavior in terms of its consequences ('the end justifies the means')






31. Agreements between competitors to set particular prices for their products (a horizontal agreement)






32. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






33. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






34. When the jury retires to a separate room to decide the outcome of the case.






35. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






36. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






37. When both parties agree to rescind the contract






38. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






39. An exemption for transactions involving offerings to employees.






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






41. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






42. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






43. The person who is bringing the suit






44. 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).






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






46. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






47. When the creditor initiates the proceedings.






48. They represent losses that result from other transactions that are dependent upon the breached contract






49. An interest in property or collateral granted in order to ensure payment of a debt or obligation






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