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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. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






2. 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






3. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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4. 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.






5. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






6. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






7. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






8. When the debtor voluntarily initiates the bankruptcy proceedings






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






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






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






12. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






13. The written set of charges against the defendant - which is presented to a grand jury.






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






15. Discrimination based on race or sex






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






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






18. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






19. Place of permanent residence






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






21. A person who is not an intended beneficiary






22. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






23. Punitive damage - non-economic damages - and attorneys' fees






24. The difference between the value of the property as substantially complete and the value of the property upon full performance






25. 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.






26. It regulates chemical substances






27. Regulates trusts and monopolies






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






29. 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.






30. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






31. 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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32. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






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






34. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






35. 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






36. 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






37. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






38. Legally recognized injury






39. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






40. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






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






42. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






43. Prohibit discrimination based on pregnancy or childbirth






44. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






45. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






46. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






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






48. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






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






50. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason