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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. 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.






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






3. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






4. Offering made to purchase all or a portion of the shares of a specific company






5. The obligee who officially assigned over his rights






6. The person to whom the right is assigned






7. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






8. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






9. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






10. 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






11. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






12. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






13. 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.






14. One of the primary federal federal statutes






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






16. A company subject to the Exchange Act






17. 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.






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






19. 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.






20. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






21. When there is no bargained-for exchange - because there is no exchange.






22. Treaties entered into between two nations






23. 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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24. 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)






25. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






26. 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






27. A current report required by the Exchange Act






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






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






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






31. 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






32. It is an action to avoid unjust enrichment.






33. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






34. A condition that cuts off a pre-existing duty






35. Seeks to promote market economics and democratic governments






36. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






37. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






38. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






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. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






41. 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






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






43. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






44. 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






45. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






46. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






47. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






48. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






49. 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






50. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou