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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 documents that parties file in connection with their lawsuit






2. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






3. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






4. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






5. Regulates air and water pollution as well as address problems associated with certain toxic substances






6. Seeks to promote market economics and democratic governments






7. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






8. 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.






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






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

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11. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






12. Previous decisions made by decisions - by which the current judges must abide by.






13. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






14. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






15. A trust formed to dominate an industry






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






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 Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






18. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






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






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






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






22. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






23. Oversees the purchase and sale of securities






24. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






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






26. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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






28. The right of both parties to gain information concerning the other party and her witnesses.






29. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






30. 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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31. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






32. Claims that the defendant has against the plaintiff






33. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






34. 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






35. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






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






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






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






39. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






40. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






41. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






42. 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






43. 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






44. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






45. A condition that must occur before a duty to perform arises






46. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






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






48. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






49. It regulates chemical substances






50. When the creditor initiates the proceedings.