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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 substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction






2. Regulates air and water pollution as well as address problems associated with certain toxic substances






3. The person who assigns her rights






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






5. It represents notice that a lawsuit has been filed against the defendant






6. The creditor's right to take possession of the property is called foreclosure






7. 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






8. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)






9. 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.






10. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.






11. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc






12. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.






13. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.






14. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion






15. 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






16. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.






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






18. 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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19. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)






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






21. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.

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






23. 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






24. 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






25. Actions designed to permanently reduce the health and safety risk associated with the site.






26. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.






27. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and






28. When the debtor voluntarily initiates the bankruptcy proceedings






29. 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.






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






31. Actual performance of an obligation






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. It is a pre-trial motion to take out certain matters






34. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the






35. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.






36. 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






37. 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






38. The person being sued






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






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






41. 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 -






42. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.






43. 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






44. 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






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






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






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






48. 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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49. 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.






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