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






2. The person to whom the right is assigned






3. It regulates chemical substances






4. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






5. 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)






6. 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.






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






8. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






9. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im






10. Place of permanent residence






11. 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.






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






13. Directors - certain officers - and owners






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






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






16. A trivial defect in performance (the opposite of material breach).






17. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






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






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






20. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






21. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






22. When a control makes a profit purchasing and selling her shares within a six-month period






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






24. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






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






26. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






27. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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28. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






29. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






30. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






31. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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32. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.






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






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






35. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






36. The first court to consider an action






37. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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38. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)






39. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






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






41. This is when the appellate court send the case back to the lower court for a new trial.






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

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43. Inadequate warning of danger - which can be construed as a design defect






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






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






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






47. A person who is not an intended beneficiary






48. It represents notice that a lawsuit has been filed against the defendant






49. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






50. 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.







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