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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. 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.






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






3. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






4. The promisor's failure to perform in accordance with the terms of the contract






5. 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 -






6. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr






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






8. 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






9. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






10. A current report required by the Exchange Act






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






12. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s


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. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






15. It is an action to avoid unjust enrichment.






16. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






17. Both a rejection and termination of the original offer.






18. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






19. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






20. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






21. 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






22. It regulates chemical substances






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






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






25. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






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






27. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches


28. The documents that parties file in connection with their lawsuit






29. Automatic violations of the Sherman Act






30. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






31. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






32. 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.






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






34. 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.






35. The person to whom the right is assigned






36. Claims that the defendant has against the plaintiff






37. A quarterly report required by the Exchange Act






38. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






39. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






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






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






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






43. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors






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






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






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






47. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






48. The person who is bringing the suit






49. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






50. 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