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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. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






2. 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






3. 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






4. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






5. A condition that cuts off a pre-existing duty






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






7. 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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8. Regulates the handling of the pesticides being exported from and imported into the U.S.






9. An exemption for offerings that occur primarily within one state.






10. 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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11. 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






12. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






13. 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






14. The person to extends credit or a loan - and hence the person to whom a debt is owed






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






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






17. 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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18. Prohibits institutions from discrimination related to credit applications






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






20. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






21. The obligor does not need to provide consent - but does need to be given notice.






22. Regulates radio - television - and other forms of interstate communications






23. A misrepresentation made with knowledge of its inaccuracy






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






25. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






26. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






27. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






28. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






29. 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






30. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






31. The documents that parties file in connection with their lawsuit






32. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






33. 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.






34. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






35. A person who is not an intended beneficiary






36. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






37. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






38. 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






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






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






41. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






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






43. Administers federal labor laws






44. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






45. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






46. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






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






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






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






50. It is a promise stated in words - either oral or written.







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