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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 federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior






2. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s

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3. An exemption for offerings that occur primarily within one state.






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






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






6. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






7. 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.






8. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






9. Both a rejection and termination of the original offer.






10. A trust formed to dominate an industry






11. Prohibits institutions from discrimination related to credit applications






12. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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13. 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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14. 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






15. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse






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






17. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -






18. 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






19. (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)






20. The person being sued






21. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable






22. Administers federal labor laws






23. Negative causation - due diligence defense - ...






24. 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.






25. This is when the appellate court send the case back to the lower court for a new trial.






26. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.






27. Obtaining consumer's private financial information under false pretenses






28. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im






29. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






30. The person who assigns her rights






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






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






33. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






34. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.






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

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36. 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






37. 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






38. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years






39. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market






40. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






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






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






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






44. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






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






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






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






48. 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






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






50. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices







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