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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. 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.






2. 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






3. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created






4. 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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5. Discrimination based on race or sex






6. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.






7. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






8. Actual performance of an obligation






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






10. A trust formed to dominate an industry






11. The first court to consider an action






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






13. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






14. 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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15. 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






16. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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






18. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






19. Previous decisions made by decisions - by which the current judges must abide by.






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






21. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable






22. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






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






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






26. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






27. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






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






29. 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.






30. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






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






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






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






34. A misrepresentation made with knowledge of its inaccuracy






35. 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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36. Manages the nation's social security system






37. Regulates the handling of the pesticides being exported from and imported into the U.S.






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






39. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






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






41. Seeks to promote market economics and democratic governments






42. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






43. 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.






44. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






45. Ethical behavior in terms of its consequences ('the end justifies the means')






46. The creditor's right to take possession of the property is called foreclosure






47. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






48. Directors - certain officers - and owners






49. This is when the appellate court send the case back to the lower court for a new trial.






50. An exemption for transactions involving offerings to employees.







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