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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 person who is not an intended beneficiary






2. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






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






4. A promise that is inferred from a person's conduct or the circumstances of the transaction






5. 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.






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






7. 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.






8. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






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






10. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






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






12. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






13. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






14. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






15. 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






16. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






17. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






18. It is a pre-trial motion to take out certain matters






19. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






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






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






22. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






23. 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






24. The difference between the value of the property as substantially complete and the value of the property upon full performance






25. 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






26. An exemption for transactions involving offerings to employees.






27. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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28. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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






30. 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.






31. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.






32. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






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






34. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






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






36. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






37. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






38. An exemption for certain small offerings






39. 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






40. Treaties entered into between two nations






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






42. The person who is bringing the suit






43. It represents notice that a lawsuit has been filed against the defendant






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






45. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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46. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con






47. 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






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






49. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






50. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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