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






2. 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.'






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






5. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






6. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






7. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






8. A person who is not an intended beneficiary






9. A company subject to the Exchange Act






10. 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.






11. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






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






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






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






15. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






16. 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






17. It is an action to avoid unjust enrichment.






18. 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.






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






20. When the debtor voluntarily initiates the bankruptcy proceedings






21. The obligor does not need to provide consent - but does need to be given notice.






22. 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






23. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus






24. Actions designed to permanently reduce the health and safety risk associated with the site.






25. 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.






26. Negative causation - due diligence defense - ...






27. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






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

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






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






31. An exemption for certain small offerings






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






33. 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






34. A supervening stature makes a contract illegal - and thereby makes performance impossible






35. 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






36. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






37. A pre-trial motion when the pleadings are vague or ambiguous.






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

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39. 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






40. When the creditor initiates the proceedings.






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






42. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






43. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






44. 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






45. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






46. 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






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






48. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -






49. A condition that must occur before a duty to perform arises






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