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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. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






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






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






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






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






6. When the debtor voluntarily initiates the bankruptcy proceedings






7. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






8. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






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






10. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






11. Prohibit discrimination based on pregnancy or childbirth






12. Negative causation - due diligence defense - ...






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






14. The person to whom the right is assigned






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






16. Directors - certain officers - and owners






17. The right to hold a security interest on a debtor's property.






18. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






19. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






20. The obligee who officially assigned over his rights






21. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






22. A company subject to the Exchange Act






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






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






25. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






26. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






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






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






29. 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






30. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






31. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






32. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






33. When the plaintiff's damages were caused by something other than the misrepresentation or omission






34. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






35. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






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

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37. 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






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






39. 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






40. Contracts that are formed for the intended benefit of some third party.






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






42. 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.






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






44. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






45. 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






46. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






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






48. 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






49. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






50. 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