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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. Provides specific (3) categories for exemption: Rule 504 - 505 - 506






2. 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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3. When both parties agree to rescind the contract






4. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.






5. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.






6. 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.'






7. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.






8. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c






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






10. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard






11. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






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

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13. 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.






14. A party's damage award will be reduced by any loss he did or could have avoided.






15. 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.






16. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






17. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance






18. 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






19. Prevents discrimination against employees who are 40years old or more






20. 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






21. Actions designed to permanently reduce the health and safety risk associated with the site.






22. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -






23. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.






24. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






25. 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






26. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






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






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






29. The agreement to create a security interest






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






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






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






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






35. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






36. 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






37. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right






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






39. 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






40. 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.






41. 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






42. It represents a request for the court to take some action. A motion can be filed by a defendant.






43. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






44. Directors - certain officers - and owners






45. 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.






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






47. 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.






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






50. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)