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






2. 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.






3. The party seeking to appeal the previous court's decision






4. Actual performance of an obligation






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






6. A pre-trial motion when the pleadings are vague or ambiguous.






7. Regulates trusts and monopolies






8. 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






9. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable






10. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for






11. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






12. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls






13. 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






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. 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






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






17. 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.






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






19. 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






20. 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






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






22. 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






23. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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24. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.






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






26. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






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

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28. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






29. Punitive damage - non-economic damages - and attorneys' fees






30. If the promisor substantially performs under teh contract






31. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






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






33. 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






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






35. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






36. When the debtor voluntarily initiates the bankruptcy proceedings






37. 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






38. Place of permanent residence






39. Discrimination based on race or sex






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






41. An interest in property or collateral granted in order to ensure payment of a debt or obligation






42. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry






43. 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.






44. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






45. It is an action to avoid unjust enrichment.






46. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






47. 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






48. 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






49. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






50. 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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