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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. 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






2. 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






3. A promise that is inferred from a person's conduct or the circumstances of the transaction






4. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






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






6. Administers federal labor laws






7. An annual report required by the Exchange Act






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






9. 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






10. 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.).






11. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






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. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






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






15. 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.






16. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






17. Laws created by city councils or county boards - aimed at local matters






18. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






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. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






21. 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.






22. Place of permanent residence






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






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






25. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






26. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






27. Inadequate warning of danger - which can be construed as a design defect






28. Oversees implementation of this benefit program of the Social Security Act






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

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30. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






31. 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






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






33. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






34. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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35. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






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






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. An exemption for certain small offerings






39. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






40. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






41. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






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






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






44. The person to whom the right is assigned






45. When a control makes a profit purchasing and selling her shares within a six-month period






46. 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






47. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






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






49. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






50. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






Can you answer 50 questions in 15 minutes?



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