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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. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






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






3. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






4. 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.






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






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






7. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






8. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






9. 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.






10. A current report required by the Exchange Act






11. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






12. Actual performance of an obligation






13. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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14. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






15. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






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

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17. 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)






18. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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






20. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






21. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.






22. Not discriminating against foreign product - thereby treating all products within their border equally






23. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






24. 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






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






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






27. Offering made to purchase all or a portion of the shares of a specific company






28. 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.






29. A situation where one person unfairly benefits from a transaction






30. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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31. A quarterly report required by the Exchange Act






32. Obtaining consumer's private financial information under false pretenses






33. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






34. 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.






35. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






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






37. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






38. A company subject to the Exchange Act






39. 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






40. The right to hold a security interest on a debtor's property.






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






42. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason






43. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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






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






46. Oversees the purchase and sale of securities






47. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






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






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






50. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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