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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. 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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2. 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.






3. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






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






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






6. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






7. Administers federal labor laws






8. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






9. 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.






10. Treaties entered into between two nations






11. 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






12. The person who is bringing the suit






13. An annual report required by the Exchange Act






14. 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.






15. When the creditor initiates the proceedings.






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






17. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






18. When the debtor voluntarily initiates the bankruptcy proceedings






19. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






20. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






21. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






22. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






23. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.






24. They represent losses that result from other transactions that are dependent upon the breached contract






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






26. The party that won in the previous court trial - but the other party is appealing the decision.






27. 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






28. 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)






29. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






30. Prohibit discrimination based on pregnancy or childbirth






31. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right






32. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






33. 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.






34. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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35. 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.






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






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






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






39. Negative causation - due diligence defense - ...






40. 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).






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






42. 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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43. An exemption for transactions involving offerings to employees.






44. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






45. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






46. 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






47. 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.






48. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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49. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






50. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)