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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. The exchange of promises or an exchange of a promise for a performance.






2. Oversees implementation of this benefit program of the Social Security Act






3. It regulates chemical substances






4. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






5. Discrimination based on race or sex






6. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






7. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






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






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






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






11. The right of both parties to gain information concerning the other party and her witnesses.






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






13. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






14. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi






15. The party seeking to appeal the previous court's decision






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






17. 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






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






19. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






20. A party's damage award will be reduced by any loss he did or could have avoided.






21. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






22. Rules of ethics that govern the practice of law and the conduct of lawyers






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






24. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






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






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






27. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






28. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






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






30. 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






31. 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






32. A trust formed to dominate an industry






33. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance

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34. Legally recognized injury






35. A supervening stature makes a contract illegal - and thereby makes performance impossible






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






37. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






38. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)






39. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






40. A condition that must occur before a duty to perform arises






41. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






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






43. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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44. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






45. 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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46. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






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






48. 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






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






50. The obligation to establish his claims first