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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. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






2. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






3. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






4. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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5. 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.






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






7. 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






8. 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.






9. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






10. Manages the nation's social security system






11. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






12. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






13. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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






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






16. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






17. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






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






19. Directors - certain officers - and owners






20. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






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






22. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






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






24. Regulates radio - television - and other forms of interstate communications






25. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






26. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






27. Misrepresentation that was made with intent






28. The obligation to establish his claims first






29. A quarterly report required by the Exchange Act






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






31. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






32. 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






33. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






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






35. 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.






36. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.






37. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc






38. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






39. The person who is bringing the suit






40. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






41. 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.






42. Employers make payments to retired employees based on the length of their employment and the wages they received.






43. 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






44. An exemption for securities sold outside of the U.S.






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






46. Punitive damage - non-economic damages - and attorneys' fees






47. The agreement to create a security interest






48. When there is no bargained-for exchange - because there is no exchange.






49. 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.






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