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






2. An annual report required by the Exchange Act






3. 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






4. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






5. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






6. Offering made to purchase all or a portion of the shares of a specific company






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






8. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






9. It regulates chemical substances






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






11. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner






12. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






13. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






14. 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).






15. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






16. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






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






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






19. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






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






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






22. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.






23. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






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






25. It represents a request for the court to take some action. A motion can be filed by a defendant.






26. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






27. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






28. The documents that parties file in connection with their lawsuit






29. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






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






32. 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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33. 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 -






34. 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






35. Actual performance of an obligation






36. 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.






37. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele






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






39. 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.






40. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar






41. Prevents discrimination against employees who are 40years old or more






42. 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)






43. 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






44. 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






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






46. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






47. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.

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48. 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'






49. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






50. An exemption for transactions involving offerings to employees.