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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. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






2. 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)






3. Previous decisions made by decisions - by which the current judges must abide by.






4. 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.






5. 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






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






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






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






10. 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






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






12. Regulates air and water pollution as well as address problems associated with certain toxic substances






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






14. Regulates radio - television - and other forms of interstate communications






15. 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






16. Treaties among several parties that seek to allocate rights and responsibilities among the parties






17. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






18. If the promisor substantially performs under teh contract






19. 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






20. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






21. The party seeking to appeal the previous court's decision






22. Manages the nation's social security system






23. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






24. 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






25. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






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






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






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

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30. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






31. Oversees the purchase and sale of securities






32. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






33. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






34. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






35. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






36. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






37. 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.






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






39. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






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






41. 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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42. 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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43. A condition that occurs at the same time as performance






44. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






45. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






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






47. The difference between the value of the property as substantially complete and the value of the property upon full performance






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






49. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






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







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