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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. Negative causation - due diligence defense - ...






2. It regulates chemical substances






3. Prevents discrimination against employees who are 40years old or more






4. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






5. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






6. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






7. 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'






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






9. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






10. 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.






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






12. The person being sued






13. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






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






15. 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






16. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






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






18. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






19. 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






20. 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






21. The party seeking to appeal the previous court's decision






22. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






23. The person who is bringing the suit






24. 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 -






25. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






26. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






27. (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)






28. 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.






29. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.






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






31. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






32. 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.'






33. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






34. The creditor's right to take possession of the property is called foreclosure






35. One of the primary federal federal statutes






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






37. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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38. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






39. 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






40. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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41. 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






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






43. An exemption for securities sold outside of the U.S.






44. 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






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






46. An annual report required by the Exchange Act






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






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






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






50. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship