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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. Torts and contracts... represents law that regulates the relationships between parties.






2. Contracts that are formed for the intended benefit of some third party.






3. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






4. Administers federal labor laws






5. 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






6. 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.






7. 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






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






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






10. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






11. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






12. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






13. The person to extends credit or a loan - and hence the person to whom a debt is owed






14. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






15. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






16. 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






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






18. 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






19. 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.






20. Treaties between two nations addressing investment concerns






21. This is when the appellate court send the case back to the lower court for a new trial.






22. 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.






23. Discrimination based on race or sex






24. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






25. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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






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






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






30. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






31. A promise that is inferred from a person's conduct or the circumstances of the transaction






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






33. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






34. A trivial defect in performance (the opposite of material breach).






35. When the jury retires to a separate room to decide the outcome of the case.






36. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






37. 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'






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






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






40. 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.'






41. Rules of ethics that govern the practice of law and the conduct of lawyers






42. An interest in property or collateral granted in order to ensure payment of a debt or obligation






43. 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.'






44. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






45. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






46. 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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47. The obligation to establish his claims first






48. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






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






50. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.