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






2. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






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






4. 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.






5. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






6. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






7. 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






8. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.






9. Manages the nation's social security system






10. 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






11. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






12. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






13. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






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






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






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






17. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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18. 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






19. A supervening stature makes a contract illegal - and thereby makes performance impossible






20. 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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21. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






22. It is an action to avoid unjust enrichment.






23. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






24. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






25. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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26. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






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






28. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






29. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






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






31. 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






32. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






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






34. When there is no bargained-for exchange - because there is no exchange.






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






36. 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






37. It represents a request for the court to take some action. A motion can be filed by a defendant.






38. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






39. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'






40. 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.






41. Directors - certain officers - and owners






42. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'






43. 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.






44. 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






45. 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






46. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






47. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






48. 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






49. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






50. Place of permanent residence