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






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






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

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4. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






5. It is an action to avoid unjust enrichment.






6. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






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






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






9. 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 -






10. Punitive damage - non-economic damages - and attorneys' fees






11. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






12. 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






13. 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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14. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






15. 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






16. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






17. 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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18. 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






19. 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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20. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






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






22. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






23. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






24. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






25. A current report required by the Exchange Act






26. 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.).






27. The person being sued






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






29. One of the primary federal federal statutes






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






31. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






32. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






33. The Constitution makes treaties the 'supreme law of the land'






34. 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






35. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






36. 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.






37. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






38. A situation where one person unfairly benefits from a transaction






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






40. 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






41. When both parties agree to rescind the contract






42. 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






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






44. Prohibits institutions from discrimination related to credit applications






45. 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






46. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






47. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.






48. 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






49. Words or actions an individual may have intended - but did not communicate






50. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.







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