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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. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






2. 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






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






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






5. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






6. Treaties among several parties that seek to allocate rights and responsibilities among the parties






7. 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.).






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






9. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






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






11. Regulates trusts and monopolies






12. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






13. It is an action to avoid unjust enrichment.






14. When the jury retires to a separate room to decide the outcome of the case.






15. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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16. 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.






17. Regulates radio - television - and other forms of interstate communications






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






19. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






20. A contract that is made where two promises are outstanding.






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






22. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






23. The documents that parties file in connection with their lawsuit






24. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






25. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






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






27. An intent to deceive or defraud






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






29. 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.






30. 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






31. A trust formed to dominate an industry






32. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






33. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






34. Prohibits institutions from discrimination related to credit applications






35. 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






36. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






37. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






38. 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






39. When a control makes a profit purchasing and selling her shares within a six-month period






40. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






41. When the debtor voluntarily initiates the bankruptcy proceedings






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






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






44. 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






45. 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.






46. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






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






48. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






49. This is when the appellate court send the case back to the lower court for a new trial.






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