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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. 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






2. 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






3. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






4. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






5. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






6. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






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






8. An exemption for offerings that occur primarily within one state.






9. One of the primary federal federal statutes






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






11. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






13. 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.






14. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






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






16. 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.






17. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






18. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






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

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20. When a control makes a profit purchasing and selling her shares within a six-month period






21. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






22. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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23. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






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






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






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






27. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






28. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






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






30. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






31. Oversees the purchase and sale of securities






32. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






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






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






36. Negative causation - due diligence defense - ...






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






38. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






39. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






40. The obligee who officially assigned over his rights






41. 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






42. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






43. Offering made to purchase all or a portion of the shares of a specific company






44. The agreement to create a security interest






45. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






46. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






47. 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.






48. An exemption for certain small offerings






49. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






50. A quarterly report required by the Exchange Act