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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. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






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






3. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts






4. Prohibit mergers and acquisitions that may reduce competition or create a monopoly






5. The person to whom the right is assigned






6. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






7. 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






8. 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






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






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

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12. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






13. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






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






16. 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.






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






18. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






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






20. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






21. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)






22. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






23. 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






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






25. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






26. When a control makes a profit purchasing and selling her shares within a six-month period






27. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con

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28. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






29. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications






30. It is a promise stated in words - either oral or written.






31. Not discriminating against foreign product - thereby treating all products within their border equally






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






33. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.






34. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






35. Automatic violations of the Sherman Act






36. 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






37. 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.






38. Agreements between competitors to set particular prices for their products (a horizontal agreement)






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






40. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






41. Discrimination based on race or sex






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






43. 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






44. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






45. Oversees implementation of this benefit program of the Social Security Act






46. Regulates trusts and monopolies






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






48. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage






49. The obligation to establish his claims first






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