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






2. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






3. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






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






5. The written set of charges against the defendant - which is presented to a grand jury.






6. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






7. 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.






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

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9. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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10. 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






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






12. A quarterly report required by the Exchange Act






13. 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.






14. 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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15. A promise that is inferred from a person's conduct or the circumstances of the transaction






16. 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)






17. 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.






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






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






20. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea






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






23. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






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






25. Discrimination based on race or sex






26. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






27. Both a rejection and termination of the original offer.






28. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






29. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






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






31. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.






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






33. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






34. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.






35. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






36. 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






37. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






38. It is an action to avoid unjust enrichment.






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






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






41. 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






42. Defenses that would prevent the plaintiff from holding the defendant liable






43. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






44. Prohibit discrimination based on pregnancy or childbirth






45. 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






46. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






47. Treaties between two nations addressing investment concerns






48. Claims that the defendant has against the plaintiff






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






50. Directors - certain officers - and owners






Can you answer 50 questions in 15 minutes?



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