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






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






3. 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






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






5. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






6. One of the primary federal federal statutes






7. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






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






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

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






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






12. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






13. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






14. 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'






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






16. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.






17. Laws that states have passed that aim at regulating securities transactions within their states.

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18. The difference between the value of the property as substantially complete and the value of the property upon full performance






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 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






21. A company subject to the Exchange Act






22. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






23. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






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






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






26. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






27. 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.






28. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






29. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






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






31. Not discriminating against foreign product - thereby treating all products within their border equally






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






33. 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.






34. 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.






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






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






37. 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.






38. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






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






40. Misrepresentation that was made with intent






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






42. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






43. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






44. Regulates trusts and monopolies






45. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






46. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






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






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






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






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







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