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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. 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 -






2. Torts and contracts... represents law that regulates the relationships between parties.






3. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






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






5. A current report required by the Exchange Act






6. Obtaining consumer's private financial information under false pretenses






7. Regulates the handling of the pesticides being exported from and imported into the U.S.






8. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






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






10. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






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






12. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






13. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.






14. The creditor's right to take possession of the property is called foreclosure






15. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






16. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






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






18. The person to extends credit or a loan - and hence the person to whom a debt is owed






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






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


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 obligee who officially assigned over his rights






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






24. One of the primary federal federal statutes






25. 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






26. The person being sued






27. 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






28. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






29. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






30. He has the enforceable right against the obligor because he is considered the real party interest.


31. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






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






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






34. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -






35. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.


36. A person who is not an intended beneficiary






37. 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


38. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






39. 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)






40. An intent to deceive or defraud






41. When there is no bargained-for exchange - because there is no exchange.






42. 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.






43. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






44. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






45. 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






46. The creditor's security interest in real property






47. 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)






48. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






49. 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.).






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