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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 obligee who officially assigned over his rights






2. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






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






4. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






5. It is an action to avoid unjust enrichment.






6. 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






7. 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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8. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






9. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






10. Previous decisions made by decisions - by which the current judges must abide by.






11. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






12. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






13. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






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






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






16. Negative causation - due diligence defense - ...






17. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






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






19. 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.






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






21. 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






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






23. 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






24. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






25. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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26. Treaties between two nations addressing investment concerns






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






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






29. 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






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






32. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






33. Claims that the defendant has against the plaintiff






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






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






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






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






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






39. 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.






40. The right to hold a security interest on a debtor's property.






41. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






42. 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.






43. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






44. 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.






45. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






46. 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)






47. Treaties entered into between two nations






48. 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.






49. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






50. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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