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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. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






2. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws






3. 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.






4. 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'.






5. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






6. A quarterly report required by the Exchange Act






7. The person to whom the right is assigned






8. The obligation to establish his claims first






9. Negative causation - due diligence defense - ...






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






11. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.






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






13. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






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






15. 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






16. Treaties between two nations addressing investment concerns






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






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

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






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






21. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






22. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






23. The person to extends credit or a loan - and hence the person to whom a debt is owed






24. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices






25. Misrepresentation that was made with intent






26. If the promisor substantially performs under teh contract






27. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






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






29. 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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30. Oversees implementation of this benefit program of the Social Security Act






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






32. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c

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33. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






34. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






35. 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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36. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.






37. 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






38. 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






39. Regulates air and water pollution as well as address problems associated with certain toxic substances






40. 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






41. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






42. The property that is the subject of a security interest






43. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






44. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






45. 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






46. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






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






48. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






49. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'






50. They represent the amount of money a party has spent in justifiable reliance on a contract.






Can you answer 50 questions in 15 minutes?



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