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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. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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2. An exemption for securities sold outside of the U.S.






3. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






4. Actions designed to permanently reduce the health and safety risk associated with the site.






5. The creditor's security interest in real property






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






7. Regulates radio - television - and other forms of interstate communications






8. Discrimination based on race or sex






9. Regulates the handling of the pesticides being exported from and imported into the U.S.






10. 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






11. Oversees implementation of this benefit program of the Social Security Act






12. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






13. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






14. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






15. Place of permanent residence






16. 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.).






17. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






18. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi






19. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






20. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






21. 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






22. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






23. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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






25. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






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






27. A person who is not an intended beneficiary






28. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






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






30. 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.






31. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






32. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






33. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






34. 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






35. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






36. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






37. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






38. An annual report required by the Exchange Act






39. 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






40. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






41. When both parties agree to rescind the contract






42. The person to extends credit or a loan - and hence the person to whom a debt is owed






43. The person who assigns her rights






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






45. Treaties among several parties that seek to allocate rights and responsibilities among the parties






46. An intent to deceive or defraud






47. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






48. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






49. 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






50. Seeks to promote market economics and democratic governments







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