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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 represents notice that a lawsuit has been filed against the defendant






2. 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






3. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






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






5. 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'.






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






7. 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






8. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






9. A trust formed to dominate an industry






10. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






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






12. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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13. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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






15. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






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






17. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






18. Misrepresentation that was made with intent






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






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






21. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






22. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






23. A condition that occurs at the same time as performance






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






25. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






26. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






27. 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






28. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






29. (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)






30. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






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






32. When the debtor voluntarily initiates the bankruptcy proceedings






33. If the promisor substantially performs under teh contract






34. The agreement to create a security interest






35. 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






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






37. An annual report required by the Exchange Act






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






39. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






40. 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






41. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






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






43. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






44. 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.






45. Discrimination based on race or sex






46. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






47. 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






48. The property that is the subject of a security interest






49. 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.






50. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.







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