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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. 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






2. A quarterly report required by the Exchange Act






3. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.






4. 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






5. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)






6. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report






7. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)






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. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






10. Only one of the party wants to rescind the contract - which requires legal grounds to do so.






11. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p






12. 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






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






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






15. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards






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






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






18. Regulates radio - television - and other forms of interstate communications






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






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






21. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon






22. Prohibit discrimination based on pregnancy or childbirth






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 certain small offerings






25. The person being sued






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






27. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.

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28. 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






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






30. Oversees the purchase and sale of securities






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






32. (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)






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






34. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.






35. 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






36. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






37. 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.






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






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






40. 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






41. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do






42. A pre-trial motion when the pleadings are vague or ambiguous.






43. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






44. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o






45. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors






46. 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






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






48. 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.






49. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.






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