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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. Legally recognized injury






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






3. Administers federal labor laws






4. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






5. Claims that the defendant has against the plaintiff






6. 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






7. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






8. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






9. A distinct mark or symbol that identifies a business and its products






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






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






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






13. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






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






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






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






17. 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






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






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






20. 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






21. This is when the appellate court send the case back to the lower court for a new trial.






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






24. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






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






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






27. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






28. An exemption for certain small offerings






29. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






30. 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.






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






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






33. A trust formed to dominate an industry






34. 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.






35. Laws created by city councils or county boards - aimed at local matters






36. The person to whom the right is assigned






37. Actions designed to permanently reduce the health and safety risk associated with the site.






38. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






39. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






40. One of the primary federal federal statutes






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

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42. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






43. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






44. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






45. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






46. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






47. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






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






49. 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






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