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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. The first court to consider an action






2. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






3. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.






4. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






5. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






6. 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.






7. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






8. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.

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9. Defenses that would prevent the plaintiff from holding the defendant liable






10. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






11. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






12. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






13. 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.).






14. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






15. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






16. 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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17. A current report required by the Exchange Act






18. Prohibit discrimination based on pregnancy or childbirth






19. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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20. 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






21. The written set of charges against the defendant - which is presented to a grand jury.






22. 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)






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






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






25. Previous decisions made by decisions - by which the current judges must abide by.






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






27. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






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






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






30. Oversees the purchase and sale of securities






31. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






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






33. 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






34. The person being sued






35. The obligation to establish his claims first






36. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






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






38. 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






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






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






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

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






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






45. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






46. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






47. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






48. 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.






49. 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)






50. Offering made to purchase all or a portion of the shares of a specific company