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

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2. 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






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






5. An exemption for transactions involving offerings to employees.






6. 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).






7. 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






8. When both parties agree to rescind the contract






9. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






10. A company subject to the Exchange Act






11. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






12. 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.






13. They represent the amount of money a party has spent in justifiable reliance on a contract.






14. An interest in property or collateral granted in order to ensure payment of a debt or obligation






15. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






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






17. 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)






18. The person to whom the right is assigned






19. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






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






21. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






22. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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






24. A condition that occurs at the same time as performance






25. If the promisor substantially performs under teh contract






26. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






27. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






28. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






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

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






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






32. Prohibit discrimination based on pregnancy or childbirth






33. When the debtor voluntarily initiates the bankruptcy proceedings






34. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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35. 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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36. 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

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37. Directors - certain officers - and owners






38. A contract that is made where two promises are outstanding.






39. A creditor that does not have a security interest in any of the debtor's property or assets.






40. 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).






41. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






42. 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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43. Place of permanent residence






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






45. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






46. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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47. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






48. 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)






49. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






50. 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







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