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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. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).






2. An exemption for transactions involving offerings to employees.






3. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.






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






5. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph






6. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers






7. 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.






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






9. If the promisor substantially performs under teh contract






10. Words or actions an individual may have intended - but did not communicate






11. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t






12. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






13. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship






14. Contracts that are formed for the intended benefit of some third party.






15. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.






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






17. 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.






18. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.






19. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.






20. 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






21. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






22. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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23. Manages the nation's social security system






24. An interest in property or collateral granted in order to ensure payment of a debt or obligation






25. 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.






26. 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.






27. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






28. The agreement to create a security interest






29. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting






30. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for






31. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'






32. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations






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






34. 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 -






35. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.






36. 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






37. 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.






38. 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 -






39. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






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






41. 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.






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






43. Negative causation - due diligence defense - ...






44. 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






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






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






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






48. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






49. The obligor does not need to provide consent - but does need to be given notice.






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