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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. 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.






2. 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






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






4. 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)






5. 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






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

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7. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






8. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






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






10. 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






11. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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12. 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.






13. 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.






14. 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 -






15. When the debtor voluntarily initiates the bankruptcy proceedings






16. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






17. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






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. 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.






20. Automatic violations of the Sherman Act






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

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22. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






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






24. Prohibit discrimination based on pregnancy or childbirth






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






26. 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.






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






28. 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






29. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






30. Obtaining consumer's private financial information under false pretenses






31. 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.






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






33. A contract that is made where two promises are outstanding.






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






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






36. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).






37. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)






38. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.






39. The obligee who officially assigned over his rights






40. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






41. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






42. Claims that the defendant has against the plaintiff






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






44. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.






45. The first court to consider an action






46. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






47. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






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






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






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