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






2. A situation where one person unfairly benefits from a transaction






3. If the promisor substantially performs under teh contract






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






5. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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6. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






7. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






8. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






9. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






10. The promisor's failure to perform in accordance with the terms of the contract






11. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.






12. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






13. 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).






14. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






15. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






16. 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.'






17. 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.






18. The property that is the subject of a security interest






19. 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






20. 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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21. 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)






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






23. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






24. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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






26. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






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






28. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






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






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






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






32. The party seeking to appeal the previous court's decision






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






36. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






37. 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






38. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






39. 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.'






40. 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






41. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






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






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






44. Administers federal labor laws






45. 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






46. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






47. Claims that the defendant has against the plaintiff






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






49. Defenses that would prevent the plaintiff from holding the defendant liable






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