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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 collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






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






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. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






5. 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






6. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason






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






8. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






9. The Constitution makes treaties the 'supreme law of the land'






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






11. 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






12. 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






13. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






14. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






15. A situation where one person unfairly benefits from a transaction






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






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

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18. 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).






19. 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'.






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






21. 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






22. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






23. Seeks to promote market economics and democratic governments






24. Prevents discrimination against employees who are 40years old or more






25. It is an action to avoid unjust enrichment.






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






27. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






28. The first court to consider an action






29. When the creditor initiates the proceedings.






30. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






31. A party's damage award will be reduced by any loss he did or could have avoided.






32. The obligee who officially assigned over his rights






33. Treaties between two nations addressing investment concerns






34. He has the enforceable right against the obligor because he is considered the real party interest.

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35. A contract that is made where two promises are outstanding.






36. 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






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






38. Misrepresentation that was made with intent






39. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






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






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

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42. Not discriminating against foreign product - thereby treating all products within their border equally






43. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






44. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






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






46. Punitive damage - non-economic damages - and attorneys' fees






47. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






48. The obligor does not need to provide consent - but does need to be given notice.






49. Treaties among several parties that seek to allocate rights and responsibilities among the parties






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







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