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






2. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






3. 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






4. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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5. 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






6. 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.






7. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






8. Oversees implementation of this benefit program of the Social Security Act






9. An annual report required by the Exchange Act






10. Treaties entered into between two nations






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






12. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






13. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






14. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






15. 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.






16. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






17. 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'.






18. 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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19. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right






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






21. It represents a request for the court to take some action. A motion can be filed by a defendant.






22. He has the enforceable right against the obligor because he is considered the real party interest.

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






24. The person who is bringing the suit






25. When the jury retires to a separate room to decide the outcome of the case.






26. Torts and contracts... represents law that regulates the relationships between parties.






27. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






28. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






29. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






30. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






31. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






32. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






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






34. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






35. 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'.






36. 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






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






38. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






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






40. 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






41. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






42. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






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






44. When the plaintiff's damages were caused by something other than the misrepresentation or omission






45. The Constitution makes treaties the 'supreme law of the land'






46. Prohibit discrimination based on pregnancy or childbirth






47. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






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






49. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






50. A trust formed to dominate an industry







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Can you answer 50 questions in 15 minutes?


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