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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. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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2. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






3. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






4. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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5. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






6. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






7. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






8. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






9. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






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






11. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi






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






13. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors






14. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






15. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






16. The promisor's failure to perform in accordance with the terms of the contract






17. One of the primary federal federal statutes






18. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






19. Previous decisions made by decisions - by which the current judges must abide by.






20. 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.






21. A distinct mark or symbol that identifies a business and its products






22. An intent to deceive or defraud






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






24. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






25. 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






26. A company subject to the Exchange Act






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

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28. 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






29. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






30. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






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






32. Actual performance of an obligation






33. 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)






34. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






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






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






37. 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






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






39. It represents notice that a lawsuit has been filed against the defendant






40. 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.






41. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






42. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






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. Directors - certain officers - and owners






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






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






47. 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






48. It regulates chemical substances






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






50. 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.