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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. 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






2. Treaties entered into between two nations






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






4. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






6. Directors - certain officers - and owners






7. 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






8. The obligation to establish his claims first






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






10. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.






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






12. The Constitution makes treaties the 'supreme law of the land'






13. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






14. A condition that occurs at the same time as performance






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






16. Regulates trusts and monopolies






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 Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






18. 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






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






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






21. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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






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






25. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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26. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






27. Contracts that are formed for the intended benefit of some third party.






28. 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






29. 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)






30. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






31. 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






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






33. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






34. Torts and contracts... represents law that regulates the relationships between parties.






35. 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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36. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






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






38. 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






39. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






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






41. The person to extends credit or a loan - and hence the person to whom a debt is owed






42. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






43. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






44. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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45. 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.






46. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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47. 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.






48. The property that is the subject of a security interest






49. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






50. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'







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