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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 principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






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






3. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






4. Contracts that are formed for the intended benefit of some third party.






5. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






6. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






7. Seeks to promote market economics and democratic governments






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






9. 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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10. 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'.






11. 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






12. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






13. 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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14. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






15. The obligee who officially assigned over his rights






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






17. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






18. Actual performance of an obligation






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






20. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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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. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






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






24. 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






25. 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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26. A trust formed to dominate an industry






27. Administers federal labor laws






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






29. The person who is bringing the suit






30. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






31. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






32. Regulates radio - television - and other forms of interstate communications






33. 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






34. 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






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






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






37. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






38. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.

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39. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






40. Automatic violations of the Sherman Act






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






42. The exchange of promises or an exchange of a promise for a performance.






43. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






44. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






45. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






46. Words or actions an individual may have intended - but did not communicate






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






48. When the creditor initiates the proceedings.






49. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






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