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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. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






2. A creditor that does not have a security interest in any of the debtor's property or assets.






3. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






4. A condition that cuts off a pre-existing duty






5. Administers federal labor laws






6. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






7. 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






8. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






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






10. 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






11. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






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






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






14. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






15. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






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






17. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






18. Claims that the defendant has against the plaintiff






19. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






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






21. 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






22. 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






23. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






24. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






25. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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26. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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






28. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right






29. 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






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






31. Misrepresentation that was made with intent






32. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






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






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






35. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






36. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






37. The documents that parties file in connection with their lawsuit






38. It is a promise stated in words - either oral or written.






39. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






40. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






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






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






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






44. An exemption for securities sold outside of the U.S.






45. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr






46. Agreements between competitors to set particular prices for their products (a horizontal agreement)






47. Discrimination based on race or sex






48. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






49. 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.






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