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






2. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






3. 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






4. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






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






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






7. 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






8. Both a rejection and termination of the original offer.






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






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






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






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






13. The person being sued






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






15. 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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16. They represent the amount of money a party has spent in justifiable reliance on a contract.






17. The creditor's right to take possession of the property is called foreclosure






18. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






19. An annual report required by the Exchange Act






20. 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.






21. The agreement to create a security interest






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

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23. 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






24. When both parties agree to rescind the contract






25. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






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






27. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






28. Manages the nation's social security system






29. Ethical behavior in terms of its consequences ('the end justifies the means')






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






31. One of the primary federal federal statutes






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






33. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






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






35. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






36. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






37. A company subject to the Exchange Act






38. The person who assigns her rights






39. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






40. They represent losses that result from other transactions that are dependent upon the breached contract






41. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






42. A creditor that does not have a security interest in any of the debtor's property or assets.






43. 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






44. An intent to deceive or defraud






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






46. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






47. 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






48. 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.'






49. 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






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