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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. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.






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






4. The person being sued






5. 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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6. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






7. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.






8. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n






9. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a






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






11. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend






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






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






14. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).






15. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.






16. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court






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






18. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.

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19. 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






20. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards






21. An annual report required by the Exchange Act






22. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






23. 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






24. 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






25. 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






26. 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






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






28. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer






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






30. Ethical behavior in terms of its consequences ('the end justifies the means')






31. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions






32. 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.






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






34. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other






35. 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






36. Claims that the defendant has against the plaintiff






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






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






39. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.






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






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






43. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired






44. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.






45. An exemption for securities sold outside of the U.S.






46. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'






47. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time

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






49. The obligee who officially assigned over his rights






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