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






2. 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.






3. 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






4. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo






5. 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.






6. 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.






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






8. 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






9. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






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






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






12. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.






13. 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






14. One of the primary federal federal statutes






15. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






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






17. Treaties entered into between two nations






18. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






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






20. (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)






21. Regulates trusts and monopolies






22. 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






23. 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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24. It regulates chemical substances






25. Prohibit discrimination based on pregnancy or childbirth






26. Directors - certain officers - and owners






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






28. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.






29. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.






30. A trivial defect in performance (the opposite of material breach).






31. Previous decisions made by decisions - by which the current judges must abide by.






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






33. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...






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






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






36. 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 -






37. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.






38. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






39. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






40. If the promisor substantially performs under teh contract






41. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






42. 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






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






44. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.






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






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






47. Defenses that would prevent the plaintiff from holding the defendant liable






48. 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






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






50. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -







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