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






2. A person who is not an intended beneficiary






3. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






4. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






5. Employers make payments to retired employees based on the length of their employment and the wages they received.






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






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






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






9. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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10. 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.






11. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






12. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






13. 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.






14. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






15. 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






16. 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






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






18. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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19. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






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






21. Words or actions an individual may have intended - but did not communicate






22. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






23. One of the primary federal federal statutes






24. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






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






26. 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






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






28. 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.






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






30. Actions designed to permanently reduce the health and safety risk associated with the site.






31. 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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32. 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






33. The exchange of promises or an exchange of a promise for a performance.






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






35. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.






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






37. 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






38. Defenses that would prevent the plaintiff from holding the defendant liable






39. Prohibit discrimination based on pregnancy or childbirth






40. A misrepresentation made with knowledge of its inaccuracy






41. Torts and contracts... represents law that regulates the relationships between parties.






42. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






43. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






44. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






45. 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.






46. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






47. Ethical behavior in terms of its consequences ('the end justifies the means')






48. The creditor's security interest in real property






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






50. This is when the appellate court send the case back to the lower court for a new trial.