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






2. The person to extends credit or a loan - and hence the person to whom a debt is owed






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






4. 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






5. Words or actions an individual may have intended - but did not communicate






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






7. Legally recognized injury






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






9. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






10. They represent the amount of money a party has spent in justifiable reliance on a contract.






11. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






12. 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'






13. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






14. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






15. (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)






16. The person who is bringing the suit






17. 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






18. Prohibit discrimination based on pregnancy or childbirth






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






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






21. When the debtor voluntarily initiates the bankruptcy proceedings






22. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






23. 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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24. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






25. 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)






26. The creditor's security interest in real property






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






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






29. 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






30. A current report required by the Exchange Act






31. An exemption for offerings that occur primarily within one state.






32. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






33. 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






34. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






35. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






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. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






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






39. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






40. 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.






41. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






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






43. Claims that the defendant has against the plaintiff






44. 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






45. The person to whom the right is assigned






46. The person being sued






47. The party that won in the previous court trial - but the other party is appealing the decision.






48. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






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






50. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo







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