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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. A situation where one person unfairly benefits from a transaction






2. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






3. 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.






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






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






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






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

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8. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






9. An annual report required by the Exchange Act






10. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






11. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






12. Laws that states have passed that aim at regulating securities transactions within their states.

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13. Oversees implementation of this benefit program of the Social Security Act






14. Treaties between two nations addressing investment concerns






15. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






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






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






18. 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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19. An exemption for transactions involving offerings to employees.






20. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






21. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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22. An exemption for securities sold outside of the U.S.






23. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






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






26. 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.'






27. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






28. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






29. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






30. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






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






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






33. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






34. The promisor's failure to perform in accordance with the terms of the contract






35. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






36. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






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






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






39. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






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






41. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






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






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






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

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45. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.






46. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






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






48. 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






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






50. 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