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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. 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.






2. When the jury retires to a separate room to decide the outcome of the case.






3. 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






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






5. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






6. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






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






9. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






10. Both a rejection and termination of the original offer.






11. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea






12. If the promisor substantially performs under teh contract






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






14. 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






15. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






16. Prohibits institutions from discrimination related to credit applications






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






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






19. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






20. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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21. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






22. 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.






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






24. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






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






26. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






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






28. Place of permanent residence






29. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






30. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






31. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






32. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






33. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






34. 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






35. 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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36. A party's damage award will be reduced by any loss he did or could have avoided.






37. 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.






38. The creditor's right to take possession of the property is called foreclosure






39. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






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






41. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






42. They represent losses that result from other transactions that are dependent upon the breached contract






43. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






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






45. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






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






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






49. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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50. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare