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CLEP Introductory Business Law
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CLEP Introductory Business Law
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25 Questions

1. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc

2. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.

3. 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 -

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

5. Negative causation - due diligence defense - ...

6. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction

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

8. It regulates chemical substances

9. 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

10. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.

11. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti

12. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)

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

14. Regulates air and water pollution as well as address problems associated with certain toxic substances

15. 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

16. When the creditor initiates the proceedings.

17. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.

18. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.

19. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.

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

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

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

23. The difference between the value of the property as substantially complete and the value of the property upon full performance

24. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele

25. Contracts that are formed for the intended benefit of some third party.

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