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






2. 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






3. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable






4. 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.






5. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






6. 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.






7. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration






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






10. Prohibits differences in wages based on the gender of men and women who perform substantially same work.






11. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions






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






13. 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.






14. One of the primary federal federal statutes






15. 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






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






17. An exemption for transactions involving offerings to employees.






18. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






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






20. The creditor's security interest in real property






21. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






22. 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






23. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The






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






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






27. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






28. Treaties among several parties that seek to allocate rights and responsibilities among the parties






29. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre






30. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th






31. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen






32. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5






33. The person to whom the right is assigned






34. 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.).






35. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.






36. 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






37. Prohibit discrimination based on pregnancy or childbirth






38. Directors - certain officers - and owners






39. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.






40. Employers make payments to retired employees based on the length of their employment and the wages they received.






41. 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 -






42. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement






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






44. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act






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






46. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.






47. Automatic violations of the Sherman Act






48. 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.






49. Regulates the handling of the pesticides being exported from and imported into the U.S.






50. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.

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