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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. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






2. A current report required by the Exchange Act






3. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea






4. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






5. 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






6. 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






7. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






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






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






10. 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.






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






12. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






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






14. 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.






15. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






16. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






17. 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






18. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






19. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






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. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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






23. Prohibits institutions from discrimination related to credit applications






24. 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






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






26. A misrepresentation made with knowledge of its inaccuracy






27. A supervening stature makes a contract illegal - and thereby makes performance impossible






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






29. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






30. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






31. The obligor does not need to provide consent - but does need to be given notice.






32. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






33. It regulates chemical substances






34. When the debtor voluntarily initiates the bankruptcy proceedings






35. 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.






36. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






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






38. 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.






39. The party seeking to appeal the previous court's decision






40. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






41. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






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






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

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44. The agreement to create a security interest






45. The creditor's security interest in real property






46. Claims that the defendant has against the plaintiff






47. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






48. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






49. Defenses that would prevent the plaintiff from holding the defendant liable






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