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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. The person who assigns her rights






2. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.






3. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






4. Negative causation - due diligence defense - ...






5. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






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

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7. 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






8. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






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






10. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is






11. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason






12. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.






13. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach






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






15. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






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






17. An exemption for offerings that occur primarily within one state.






18. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






19. 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






20. Inadequate warning of danger - which can be construed as a design defect






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






22. When a party unlawfully indicate that he will not perform when the performance is due.






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






24. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






25. 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






26. When the plaintiff's damages were caused by something other than the misrepresentation or omission






27. Treaties between two nations addressing investment concerns






28. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






29. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






30. Administers federal labor laws






31. A quarterly report required by the Exchange Act






32. 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.






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






34. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






35. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






36. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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37. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






38. The person to whom the right is assigned






39. 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.






40. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






41. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






42. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.






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






44. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






45. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






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






47. A condition that cuts off a pre-existing duty






48. Laws created by city councils or county boards - aimed at local matters






49. 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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


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