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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. If the promisor substantially performs under teh contract






2. Place of permanent residence






3. 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)






4. The documents that parties file in connection with their lawsuit






5. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






6. Administers federal labor laws






7. An exemption for offerings that occur primarily within one state.






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






9. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






10. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






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






12. The exchange of promises or an exchange of a promise for a performance.






13. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






14. Obtaining consumer's private financial information under false pretenses






15. 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.






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






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






18. An exemption for securities sold outside of the U.S.






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






20. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






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






22. It represents notice that a lawsuit has been filed against the defendant






23. 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.






24. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






25. Contracts that are formed for the intended benefit of some third party.






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






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






28. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






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






31. 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






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






33. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






34. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






35. When there is no bargained-for exchange - because there is no exchange.






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






37. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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38. 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).






39. 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






40. When the debtor voluntarily initiates the bankruptcy proceedings






41. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi






42. 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






43. Oversees implementation of this benefit program of the Social Security Act






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






45. 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.).






46. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






47. An intent to deceive or defraud






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






49. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






50. 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.