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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 promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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






3. 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.






4. 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






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. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)






7. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






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






9. Place of permanent residence






10. An exemption for offerings that occur primarily within one state.






11. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






12. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






13. Seeks to promote market economics and democratic governments






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






15. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






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






17. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






18. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






19. 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






20. The person to whom the right is assigned






21. 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






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






23. 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






24. Automatic violations of the Sherman Act






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






26. 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






27. Negative causation - due diligence defense - ...






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






29. If the promisor substantially performs under teh contract






30. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






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






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

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33. 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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34. An intent to deceive or defraud






35. 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.






36. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






37. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






38. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






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






40. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






41. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






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






43. A promise that is inferred from a person's conduct or the circumstances of the transaction






44. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






45. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






46. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






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






48. Offering made to purchase all or a portion of the shares of a specific company






49. When the creditor initiates the proceedings.






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