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






2. The person who is bringing the suit






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






5. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






6. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






7. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






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






9. A trivial defect in performance (the opposite of material breach).






10. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






11. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






12. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






13. 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.






14. Manages the nation's social security system






15. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im






16. The property that is the subject of a security interest






17. 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






18. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






19. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






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






21. 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






22. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






23. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






24. The obligation to establish his claims first






25. 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






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

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27. When the debtor voluntarily initiates the bankruptcy proceedings






28. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






29. 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






30. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






31. 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






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






33. A quarterly report required by the Exchange Act






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






35. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






36. A distinct mark or symbol that identifies a business and its products






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






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






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






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






41. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






42. If the promisor substantially performs under teh contract






43. 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






44. 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)






45. The written set of charges against the defendant - which is presented to a grand jury.






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






47. Discrimination based on race or sex






48. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -






49. 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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50. 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.).







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