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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. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






2. 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'






3. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






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






5. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






6. An exemption for transactions involving offerings to employees.






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






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






9. 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






10. 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






11. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






12. 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.'






13. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






14. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






15. The exchange of promises or an exchange of a promise for a performance.






16. The documents that parties file in connection with their lawsuit






17. 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.






18. The creditor's right to take possession of the property is called foreclosure






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






20. Prohibit discrimination based on pregnancy or childbirth






21. 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






22. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






23. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






24. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






25. An exemption for certain small offerings






26. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






27. 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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28. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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29. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






30. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






31. The obligee who officially assigned over his rights






32. 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.






33. The creditor's security interest in real property






34. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






35. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






36. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






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






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






39. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






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






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






42. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






43. 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






44. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






45. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






46. Prevents discrimination against employees who are 40years old or more






47. 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






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

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49. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






50. 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.







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