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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. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country






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






3. 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






4. 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






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






6. 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






7. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept






8. A quarterly report required by the Exchange Act






9. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984






10. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






11. 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






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

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13. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






14. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






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






16. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






17. 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.






18. He has the enforceable right against the obligor because he is considered the real party interest.

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19. 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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20. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste






21. 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






22. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.

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23. Place of permanent residence






24. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






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






27. 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






28. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d






29. The right to hold a security interest on a debtor's property.






30. 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






31. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






32. The exchange of promises or an exchange of a promise for a performance.






33. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.






34. The documents that parties file in connection with their lawsuit






35. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.

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36. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in

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






38. 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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39. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






40. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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41. Employers make payments to retired employees based on the length of their employment and the wages they received.






42. An independent federal agency established to promote consumer protection and reduce unfair competition among business.






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






44. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -






45. 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






46. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






47. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






48. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






49. 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






50. The difference between the value of the property as substantially complete and the value of the property upon full performance