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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 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






2. 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






3. Directors - certain officers - and owners






4. 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.'






5. 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






6. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






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






8. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






9. A pre-trial motion when the pleadings are vague or ambiguous.






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






11. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






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






13. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






14. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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15. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






16. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






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






18. 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






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






20. Treaties between two nations addressing investment concerns






21. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






22. A company subject to the Exchange Act






23. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






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






25. A current report required by the Exchange Act






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






27. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict






28. When the creditor initiates the proceedings.






29. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






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






31. The person being sued






32. Negative causation - due diligence defense - ...






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






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






35. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






36. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






37. 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






38. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele






39. 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






40. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






41. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






42. 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.






43. 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






44. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






45. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






46. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






47. 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






48. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






49. 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






50. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws







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