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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. 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






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






3. 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






4. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






5. A condition that must occur before a duty to perform arises






6. 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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7. 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.






8. 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






9. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres

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10. Offering made to purchase all or a portion of the shares of a specific company






11. 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.






12. 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






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






14. 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.






15. 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.






16. A condition that occurs at the same time as performance






17. 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.






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






19. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof






20. Regulates air and water pollution as well as address problems associated with certain toxic substances






21. 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.






22. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices






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






24. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party

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25. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






26. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches

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27. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.






28. 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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29. The party that won in the previous court trial - but the other party is appealing the decision.






30. The obligee who officially assigned over his rights






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






32. 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.






33. 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.






34. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.






35. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






36. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






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






38. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






39. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.






40. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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






42. 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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43. Directors - certain officers - and owners






44. It represents notice that a lawsuit has been filed against the defendant






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






46. 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






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






48. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






49. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t






50. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws







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