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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. Regulates trusts and monopolies






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






3. 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.






4. 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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5. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc






6. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






7. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






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






9. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






10. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






11. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






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






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






14. The Constitution makes treaties the 'supreme law of the land'






15. 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.






16. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






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






18. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






19. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






20. Treaties entered into between two nations






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

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22. The agreement to create a security interest






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






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






25. 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






26. A current report required by the Exchange Act






27. If the promisor substantially performs under teh contract






28. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






29. Place of permanent residence






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






31. Prohibit discrimination based on pregnancy or childbirth






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






33. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






34. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






35. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






36. Negative causation - due diligence defense - ...






37. An intent to deceive or defraud






38. 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






39. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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40. It is a pre-trial motion to take out certain matters






41. The person being sued






42. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






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






44. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






45. A creditor that does not have a security interest in any of the debtor's property or assets.






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






47. 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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48. 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






49. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






50. They represent the amount of money a party has spent in justifiable reliance on a contract.







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