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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 situation where one person unfairly benefits from a transaction






2. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






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






4. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






5. The person to whom the right is assigned






6. 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.






7. 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






8. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






9. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






10. When the debtor voluntarily initiates the bankruptcy proceedings






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






12. A misrepresentation made with knowledge of its inaccuracy






13. Both a rejection and termination of the original offer.






14. Automatic violations of the Sherman Act






15. An exemption for transactions involving offerings to employees.






16. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






17. 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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18. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






19. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






20. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele






21. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






22. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






23. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






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






25. A distinct mark or symbol that identifies a business and its products






26. Regulates trusts and monopolies






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






28. 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)






29. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






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






31. When the creditor initiates the proceedings.






32. 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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33. Defenses that would prevent the plaintiff from holding the defendant liable






34. 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






35. 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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36. 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 -






37. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






38. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






39. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






40. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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






42. 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






43. 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.






44. The obligation to establish his claims first






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






46. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






47. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






48. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend






49. 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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50. Only one of the party wants to rescind the contract - which requires legal grounds to do so.