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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. Claims that the defendant has against the plaintiff






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






3. 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 -






4. A condition that must occur before a duty to perform arises






5. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.






6. 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






7. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)






8. The first court to consider an action






9. 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






10. 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 -






11. They represent losses that result from other transactions that are dependent upon the breached contract






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






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






14. 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






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






16. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover






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






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






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






20. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat






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






22. 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.






23. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.






24. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state






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






26. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.






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






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






29. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.






30. 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






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






32. 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






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






34. Manages the nation's social security system






35. It represents a request for the court to take some action. A motion can be filed by a defendant.






36. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti






37. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility






38. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.






39. They represent the amount of money a party has spent in justifiable reliance on a contract.






40. 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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41. Treaties entered into between two nations






42. 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






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






44. A misrepresentation made with knowledge of its inaccuracy






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






46. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.






47. 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






48. 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.






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