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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. 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






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






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






4. 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






5. 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).






6. Employers make payments to retired employees based on the length of their employment and the wages they received.






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






8. The creditor's security interest in real property






9. Prohibits institutions from discrimination related to credit applications






10. The person to whom the right is assigned






11. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.






12. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






13. 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






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






15. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






16. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






17. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






18. Treaties entered into between two nations






19. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






20. It is an action to avoid unjust enrichment.






21. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






22. 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.






23. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






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






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






26. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






27. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






28. 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






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






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






31. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






32. 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






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






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






35. 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






36. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






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






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






39. Oversees implementation of this benefit program of the Social Security Act






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






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






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






43. Not discriminating against foreign product - thereby treating all products within their border equally






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






45. A party's damage award will be reduced by any loss he did or could have avoided.






46. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






47. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






48. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






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






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