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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. 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






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






3. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






4. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






5. 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






6. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






7. 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)






8. The right of both parties to gain information concerning the other party and her witnesses.






9. 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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10. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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11. Actual performance of an obligation






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






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






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






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






16. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






17. Prohibit discrimination based on pregnancy or childbirth






18. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






19. They represent the amount of money a party has spent in justifiable reliance on a contract.






20. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






21. 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.






22. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'






23. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






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






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. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






27. 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.'






28. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






29. 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






30. 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






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






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






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






35. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






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






37. Manages the nation's social security system






38. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






39. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






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






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






42. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






43. It is an action to avoid unjust enrichment.






44. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






45. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






46. When a party unlawfully indicate that he will not perform when the performance is due.






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






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






49. 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






50. 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