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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. Not discriminating against foreign product - thereby treating all products within their border equally






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






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






4. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






5. One of the primary federal federal statutes






6. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






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






8. 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






9. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






10. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






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






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






13. 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






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






15. 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






16. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






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






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






19. The person who assigns her rights






20. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






21. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






22. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve






23. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






24. The person who is bringing the suit






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

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






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






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






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






31. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






32. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






33. 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






34. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






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






36. 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)






37. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






38. 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.






39. A condition that must occur before a duty to perform arises






40. The difference between the value of the property as substantially complete and the value of the property upon full performance






41. 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






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






43. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






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






45. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






46. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






47. It regulates chemical substances






48. 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






49. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






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