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






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






3. 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






4. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






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






6. A misrepresentation made with knowledge of its inaccuracy






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






8. The right of both parties to gain information concerning the other party and her witnesses.






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






10. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






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






12. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






13. 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.






14. Agreements between competitors to set particular prices for their products (a horizontal agreement)






15. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






16. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






17. 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)






18. 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.






19. 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






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






21. Laws created by city councils or county boards - aimed at local matters






22. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






23. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






24. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






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






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






28. 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






29. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






30. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






31. When the debtor voluntarily initiates the bankruptcy proceedings






32. 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






33. An exemption for transactions involving offerings to employees.






34. 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






35. 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






36. 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






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






38. 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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39. 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.






40. 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






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






42. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






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






44. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






45. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






46. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






47. 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






48. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






49. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






50. 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