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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. An exemption for transactions involving offerings to employees.






2. When a control makes a profit purchasing and selling her shares within a six-month period






3. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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4. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






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






6. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im






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






8. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






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






10. A condition that occurs at the same time as performance






11. An intent to deceive or defraud






12. A person who is not an intended beneficiary






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






14. 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.'






15. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






16. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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






18. They represent losses that result from other transactions that are dependent upon the breached contract






19. Misrepresentation that was made with intent






20. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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21. 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






22. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






23. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






24. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






25. When the debtor voluntarily initiates the bankruptcy proceedings






26. 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






27. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






28. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






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






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






31. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






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






33. 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.






34. 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






35. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






36. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






37. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.






38. 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.






39. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






40. Seeks to promote market economics and democratic governments






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






42. Employers make payments to retired employees based on the length of their employment and the wages they received.






43. 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.






44. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






45. Defenses that would prevent the plaintiff from holding the defendant liable






46. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






47. 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)






48. The obligation to establish his claims first






49. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






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







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