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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. 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)






2. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






3. When the debtor voluntarily initiates the bankruptcy proceedings






4. 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.






5. It is an action to avoid unjust enrichment.






6. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






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






8. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






9. An annual report required by the Exchange Act






10. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






11. 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






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






13. 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






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






15. 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






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






17. 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.






18. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






19. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






20. 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.






21. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






22. The party that won in the previous court trial - but the other party is appealing the decision.






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






24. An exemption for offerings that occur primarily within one state.






25. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






26. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






27. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






28. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






29. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






30. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






31. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






32. Discrimination based on race or sex






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






34. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






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






36. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






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






38. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






39. Laws created by city councils or county boards - aimed at local matters






40. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






41. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






42. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






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






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






45. 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 -






46. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






47. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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48. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






49. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






50. 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.







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