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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. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of






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






3. A supervening stature makes a contract illegal - and thereby makes performance impossible






4. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.






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






6. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.






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






8. 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






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






10. 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






11. 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 -






12. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.

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






14. An exemption for transactions involving offerings to employees.






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






16. 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.






17. 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






18. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.






19. A company becomes a 'public company' when it issues its securities pursuant to this registration process.






20. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).






21. The person to extends credit or a loan - and hence the person to whom a debt is owed






22. 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






23. 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






24. An exemption for offerings that occur primarily within one state.






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






26. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.

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






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






29. 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






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






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






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






33. 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






34. 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






35. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.






36. Employers make payments to retired employees based on the length of their employment and the wages they received.






37. 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






38. 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






39. A company subject to the Exchange Act






40. 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)






41. Seeks to promote market economics and democratic governments






42. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.






43. 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






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






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






46. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.






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






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






50. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.