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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. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)






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






3. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e






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






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






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






7. An annual report required by the Exchange Act






8. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws






9. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe






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






11. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect






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






13. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading






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






15. A trust formed to dominate an industry






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






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






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






19. The right of both parties to gain information concerning the other party and her witnesses.






20. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior






21. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'






22. A contract that is made where two promises are outstanding.






23. He has the enforceable right against the obligor because he is considered the real party interest.

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24. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.






25. 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






26. 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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27. Seeks to promote market economics and democratic governments






28. Treaties among several parties that seek to allocate rights and responsibilities among the parties






29. Treaties entered into between two nations






30. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec






31. 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.






32. The difference between the value of the performance a party should have received and the value of the performance the party actually received.






33. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize






34. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.






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






36. When a control makes a profit purchasing and selling her shares within a six-month period






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






38. 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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39. It is a promise stated in words - either oral or written.






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






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






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






43. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t






44. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.






45. 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






46. 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






47. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)






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






49. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.






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