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






2. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






3. Obtaining consumer's private financial information under false pretenses






4. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






5. A trivial defect in performance (the opposite of material breach).






6. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






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






8. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






9. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






10. The right to hold a security interest on a debtor's property.






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






12. 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






13. Discrimination based on race or sex






14. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






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






16. 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.'






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






18. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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19. A supervening stature makes a contract illegal - and thereby makes performance impossible






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






21. It regulates chemical substances






22. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






23. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






24. Laws that states have passed that aim at regulating securities transactions within their states.

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






26. 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.).






27. It is an action to avoid unjust enrichment.






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






29. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






30. 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).






31. 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).






32. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.

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33. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






34. A person who is not an intended beneficiary






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






36. 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






37. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






38. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






39. 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






40. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






41. 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.






42. An interest in property or collateral granted in order to ensure payment of a debt or obligation






43. 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






44. 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).






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






46. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






47. 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.






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






49. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






50. 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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