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






2. A trust formed to dominate an industry






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






4. 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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5. An annual report required by the Exchange Act






6. 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






7. 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






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






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






10. 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)






11. 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.






12. A condition that must occur before a duty to perform arises






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






14. The person who assigns her rights






15. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc






16. An intent to deceive or defraud






17. 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.






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






19. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






20. 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






21. 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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22. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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23. 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.






24. It is a pre-trial motion to take out certain matters






25. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






26. Torts and contracts... represents law that regulates the relationships between parties.






27. Inadequate warning of danger - which can be construed as a design defect






28. 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






29. 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.






30. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






31. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






32. It regulates chemical substances






33. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






34. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






35. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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36. 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






37. 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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38. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






39. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






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






41. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






42. Regulates trusts and monopolies






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






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






45. The creditor's right to take possession of the property is called foreclosure






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






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






48. A person who is not an intended beneficiary






49. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)






50. 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







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