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






2. A condition that cuts off a pre-existing duty






3. Actual performance of an obligation






4. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.






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






6. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.

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7. 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.






8. Inadequate warning of danger - which can be construed as a design defect






9. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable






10. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.






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






12. The documents that parties file in connection with their lawsuit






13. 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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14. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio






15. 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






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






17. 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.






18. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.






19. When there is no bargained-for exchange - because there is no exchange.






20. 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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21. Laws created by city councils or county boards - aimed at local matters






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






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






24. 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






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






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






27. The person who assigns her rights






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






29. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.






30. 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.






31. 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






32. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.

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






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






35. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -






36. 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






37. Defenses that would prevent the plaintiff from holding the defendant liable






38. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo






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






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






41. 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.






42. Directors - certain officers - and owners






43. Seeks to promote market economics and democratic governments






44. 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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45. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.






46. 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






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






49. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan






50. 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.







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