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






2. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






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






5. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






6. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






7. Prohibit discrimination based on pregnancy or childbirth






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






9. A condition that must occur before a duty to perform arises






10. The obligee who officially assigned over his rights






11. 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






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






13. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






14. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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15. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






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






17. An intent to deceive or defraud






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






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






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






21. Punitive damage - non-economic damages - and attorneys' fees






22. The party that won in the previous court trial - but the other party is appealing the decision.






23. Administers federal labor laws






24. 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.






25. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -






26. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






27. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






28. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






29. 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






30. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






31. Directors - certain officers - and owners






32. A party's damage award will be reduced by any loss he did or could have avoided.






33. Treaties entered into between two nations






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






35. The person who is bringing the suit






36. Misrepresentation that was made with intent






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






38. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






39. 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






40. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






41. 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






42. When both parties agree to rescind the contract






43. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






44. Laws that states have passed that aim at regulating securities transactions within their states.

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






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






47. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






48. 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'






49. A quarterly report required by the Exchange Act






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