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






2. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






3. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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






5. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






6. An exemption for certain small offerings






7. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






8. 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






9. 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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10. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






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






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






13. 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'.






14. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






15. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






16. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






17. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






18. 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.






19. 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






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






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

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22. When the plaintiff's damages were caused by something other than the misrepresentation or omission






23. The person who is bringing the suit






24. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






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






26. 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






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






28. Rules of ethics that govern the practice of law and the conduct of lawyers






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






30. 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






31. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






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






33. This is when the appellate court send the case back to the lower court for a new trial.






34. The obligee who officially assigned over his rights






35. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






36. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






37. Administers federal labor laws






38. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






39. A trivial defect in performance (the opposite of material breach).






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






41. Laws created by city councils or county boards - aimed at local matters






42. 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






43. 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






44. Oversees the purchase and sale of securities






45. Regulates the handling of the pesticides being exported from and imported into the U.S.






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






47. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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48. Words or actions an individual may have intended - but did not communicate






49. 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






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






Can you answer 50 questions in 15 minutes?



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