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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. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)






2. Automatic violations of the Sherman Act






3. 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






4. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






5. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






6. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






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






8. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






9. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






10. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc






11. The obligation to establish his claims first






12. A distinct mark or symbol that identifies a business and its products






13. Misrepresentation that was made with intent






14. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






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






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






17. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






18. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






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






20. Seeks to promote market economics and democratic governments






21. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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22. Legally recognized injury






23. 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.






24. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






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






26. Prohibit discrimination based on pregnancy or childbirth






27. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






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






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






30. It is an action to avoid unjust enrichment.






31. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






32. Regulates air and water pollution as well as address problems associated with certain toxic substances






33. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






34. 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






35. Actual performance of an obligation






36. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






37. 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.






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

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39. Laws created by city councils or county boards - aimed at local matters






40. The exchange of promises or an exchange of a promise for a performance.






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






42. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr






43. Place of permanent residence






44. 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.






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






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






47. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






48. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






49. The person being sued






50. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state