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






2. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






3. 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






4. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






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






6. The written set of charges against the defendant - which is presented to a grand jury.






7. 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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8. 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






9. The obligation to establish his claims first






10. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).






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






12. The person being sued






13. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele






14. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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15. 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.






16. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc






17. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






18. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






19. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






20. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






21. Oversees the purchase and sale of securities






22. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






23. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






24. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






25. 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






26. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






27. The person who assigns her rights






28. A condition that cuts off a pre-existing duty






29. 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.






30. When the jury retires to a separate room to decide the outcome of the case.






31. Prohibits institutions from discrimination related to credit applications






32. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






33. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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






35. 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






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






37. 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 -






38. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






39. Prevents discrimination against employees who are 40years old or more






40. A current report required by the Exchange Act






41. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






42. Place of permanent residence






43. 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






44. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






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






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






47. An exemption for certain small offerings






48. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






49. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






50. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im







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