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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. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.






2. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.






3. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action

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4. 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






5. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou






6. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o






7. 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






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






9. Punitive damage - non-economic damages - and attorneys' fees






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






11. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).






12. Seeks to promote market economics and democratic governments






13. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)






14. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).






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






16. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible






17. 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






18. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable






19. The person who is bringing the suit






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






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






22. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.






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






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






25. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.






26. 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






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






28. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section






29. 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






30. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)






31. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.






32. The right to hold a security interest on a debtor's property.






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

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34. 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






35. It regulates chemical substances






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






37. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden






38. 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






39. 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)






40. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.






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






42. 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






43. The written set of charges against the defendant - which is presented to a grand jury.






44. 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






45. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie






46. 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






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






48. Oversees the purchase and sale of securities






49. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.






50. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...