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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. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






2. 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






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






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






5. 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.






6. The person to whom the right is assigned






7. When a party unlawfully indicate that he will not perform when the performance is due.






8. 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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9. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






10. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






11. 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.






12. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






13. When the creditor initiates the proceedings.






14. 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






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






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






17. It is a promise stated in words - either oral or written.






18. Claims that the defendant has against the plaintiff






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

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20. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






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






22. Oversees the purchase and sale of securities






23. Prohibits institutions from discrimination related to credit applications






24. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






25. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






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






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






28. 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






29. 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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30. The right to hold a security interest on a debtor's property.






31. A company subject to the Exchange Act






32. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend






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






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






35. 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






36. 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






37. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






38. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






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






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






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






42. An exemption for offerings that occur primarily within one state.






43. The right of both parties to gain information concerning the other party and her witnesses.






44. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






45. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






46. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






47. 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.






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






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






50. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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