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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 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.






2. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice






3. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare






4. A company subject to the Exchange Act






5. 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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6. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






7. A court reference to the notion that there must be mutual agreement about the exchange to be performed

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8. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






9. 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






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






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






12. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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13. A creditor that does not have a security interest in any of the debtor's property or assets.






14. 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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15. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






16. 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






17. It represents notice that a lawsuit has been filed against the defendant






18. 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)






19. 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.






20. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






21. 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






22. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






23. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






24. A misrepresentation made with knowledge of its inaccuracy






25. The right to hold a security interest on a debtor's property.






26. Prohibits institutions from discrimination related to credit applications






27. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






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

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29. 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






30. An interest in property or collateral granted in order to ensure payment of a debt or obligation






31. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






32. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to






33. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)






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






35. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






36. He has the enforceable right against the obligor because he is considered the real party interest.

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






38. A person who is not an intended beneficiary






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






40. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






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






42. 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






43. 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'.






44. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






45. The first court to consider an action






46. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






47. 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






48. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc






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






50. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors