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






2. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






3. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






4. When both parties agree to rescind the contract






5. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






6. 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.






7. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






8. Seeks to promote market economics and democratic governments






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






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






11. A pre-trial motion when the pleadings are vague or ambiguous.






12. 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






13. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






14. Administers federal labor laws






15. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






16. 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'






17. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






18. The person to whom the right is assigned






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






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






21. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi






22. The obligee who officially assigned over his rights






23. 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






24. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






25. 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.






26. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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






28. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






29. 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.






30. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






31. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






32. Claims that the defendant has against the plaintiff






33. 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






34. 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






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






36. A person who is not an intended beneficiary






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






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






39. 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.






40. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






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






42. It is a pre-trial motion to take out certain matters






43. 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






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






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






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






47. 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.






48. The creditor's right to take possession of the property is called foreclosure






49. Manages the nation's social security system






50. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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