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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. When the plaintiff's damages were caused by something other than the misrepresentation or omission






2. When both parties agree to rescind the contract






3. It is an action to avoid unjust enrichment.






4. 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.






5. 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






6. A company subject to the Exchange Act






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






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






9. Rules of ethics that govern the practice of law and the conduct of lawyers






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






11. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






12. The person to whom the right is assigned






13. The creditor's security interest in real property






14. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






15. Manages the nation's social security system






16. 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






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






18. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






19. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






20. A condition that cuts off a pre-existing duty






21. 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






22. 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.






23. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






24. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






25. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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26. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






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






29. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






30. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






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






32. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






33. An interest in property or collateral granted in order to ensure payment of a debt or obligation






34. They represent losses that result from other transactions that are dependent upon the breached contract






35. Actual performance of an obligation






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






37. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






38. An intent to deceive or defraud






39. 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'.






40. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






41. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






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






43. The promisor's failure to perform in accordance with the terms of the contract






44. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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45. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






46. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






47. 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






48. 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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49. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






50. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie







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