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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. The property that is the subject of a security interest






2. 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'.






3. Automatic violations of the Sherman Act






4. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






5. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






6. 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).






7. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






8. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






9. The person who assigns her rights






10. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






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






12. Misrepresentation that was made with intent






13. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






14. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






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






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






17. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






18. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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






20. Treaties between two nations addressing investment concerns






21. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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22. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






23. A current report required by the Exchange Act






24. 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).






25. It is an action to avoid unjust enrichment.






26. Manages the nation's social security system






27. 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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28. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.






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






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






31. 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






32. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






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






34. 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






35. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






36. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






37. Inadequate warning of danger - which can be construed as a design defect






38. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






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






40. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






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






42. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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43. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






44. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






45. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






46. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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47. 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.






48. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






49. An exemption for certain small offerings






50. 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







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