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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. An exemption for certain small offerings






2. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit






3. Discrimination based on race or sex






4. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






5. 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 -






6. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental






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






8. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions






9. 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






10. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).






11. A trust formed to dominate an industry






12. Torts and contracts... represents law that regulates the relationships between parties.






13. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol






14. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.






15. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






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






17. (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)






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






19. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor






20. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






21. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed






22. 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






23. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor






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






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






26. Oversees the purchase and sale of securities






27. An intent to deceive or defraud






28. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc






29. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.






30. 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.






31. Manages the nation's social security system






32. The promisor's failure to perform in accordance with the terms of the contract






33. A current report required by the Exchange Act






34. When the plaintiff's damages were caused by something other than the misrepresentation or omission






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






36. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu






37. 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






38. 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






39. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee

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

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41. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd






42. 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






43. 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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44. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action






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






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






48. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `






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






50. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is







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