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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. 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






2. 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.






3. When a party unlawfully indicate that he will not perform when the performance is due.






4. 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).






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






6. Negative causation - due diligence defense - ...






7. 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.






8. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






9. A pre-trial motion when the pleadings are vague or ambiguous.






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






11. Oversees the purchase and sale of securities






12. 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






13. 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






14. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






15. Directors - certain officers - and owners






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






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






18. A misrepresentation made with knowledge of its inaccuracy






19. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






20. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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






22. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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23. A company subject to the Exchange Act






24. 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)






25. 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






26. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






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






28. Claims that the defendant has against the plaintiff






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






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






31. 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






32. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






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






34. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






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






36. Treaties entered into between two nations






37. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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38. 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






39. 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.






40. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






41. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






42. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






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






44. 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.






45. Misrepresentation that was made with intent






46. The first court to consider an action






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






48. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






49. 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.






50. 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.).







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