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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. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






2. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






3. An intent to deceive or defraud






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






5. 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






6. 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.






7. 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.






8. 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






9. 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.






10. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right






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






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






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






15. Legally recognized injury






16. 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.






17. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






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






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






20. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






21. When the plaintiff's damages were caused by something other than the misrepresentation or omission






22. When the creditor initiates the proceedings.






23. The first court to consider an action






24. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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25. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






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






27. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






28. Negative causation - due diligence defense - ...






29. Oversees the purchase and sale of securities






30. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






31. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






32. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






33. Discrimination based on race or sex






34. An annual report required by the Exchange Act






35. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend






36. Seeks to promote market economics and democratic governments






37. Actual performance of an obligation






38. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






39. A trust formed to dominate an industry






40. 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






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






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






43. A company subject to the Exchange Act






44. Prevents discrimination against employees who are 40years old or more






45. 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.).






46. 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 -






47. 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






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






49. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






50. 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