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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 person who is not an intended beneficiary






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






3. 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






4. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve






5. Prohibit discrimination based on pregnancy or childbirth






6. The person who assigns her rights






7. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety






8. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






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






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






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






12. Words or actions an individual may have intended - but did not communicate






13. 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






14. Oversees the purchase and sale of securities






15. Discrimination based on race or sex






16. 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.






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






18. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






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






20. 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.'






21. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)






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






23. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






24. One of the primary federal federal statutes






25. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






26. 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






27. 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






28. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






29. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






30. 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.






31. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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32. The agreement to create a security interest






33. A misrepresentation made with knowledge of its inaccuracy






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






35. Ethical behavior in terms of its consequences ('the end justifies the means')






36. An exemption for transactions involving offerings to employees.






37. If the promisor substantially performs under teh contract






38. 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






39. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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40. When the creditor initiates the proceedings.






41. 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






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






43. When the jury retires to a separate room to decide the outcome of the case.






44. 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






45. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i






46. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)






47. They represent losses that result from other transactions that are dependent upon the breached contract






48. Place of permanent residence






49. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






50. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.