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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. Oversees implementation of this benefit program of the Social Security Act






2. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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






4. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






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

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6. Place of permanent residence






7. 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






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






9. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






10. Treaties between two nations addressing investment concerns






11. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






12. 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.






13. The right to hold a security interest on a debtor's property.






14. 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






15. Misrepresentation that was made with intent






16. 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






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






18. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






19. 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.






20. An exemption for transactions involving offerings to employees.






21. An exemption for certain small offerings






22. 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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23. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






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






25. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






26. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






27. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'






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






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






30. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






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






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

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






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






35. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






36. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






37. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.






38. Seeks to promote market economics and democratic governments






39. Employers make payments to retired employees based on the length of their employment and the wages they received.






40. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






41. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






42. The obligee who officially assigned over his rights






43. It represents notice that a lawsuit has been filed against the defendant






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






46. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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47. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






48. 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






49. 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.






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

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