Home > CLEP > Quizzes > CLEP Introductory Business Law
CLEP Introductory Business Law
Fast practice, instant feedback. Timer auto-submits when time’s up.
Avg score: 89% • Most missed: “Regulates stock exchanges - the over-counter market - and individuals who assist…”
CLEP Introductory Business Law
Time left 00:00
25 Questions

1. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.

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

3. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)

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

5. 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

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

7. When the jury retires to a separate room to decide the outcome of the case.

8. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea

9. Regulates the handling of the pesticides being exported from and imported into the U.S.

10. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984

11. They represent losses that result from other transactions that are dependent upon the breached contract

12. 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

13. The obligor does not need to provide consent - but does need to be given notice.

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

15. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable

16. 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.

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

18. An intent to deceive or defraud

19. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage

20. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)

21. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable

22. 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.

23. The obligee who officially assigned over his rights

24. Prohibits institutions from discrimination related to credit applications

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

⚡ Recently practiced quizzes in this topic
Live quiz activity
CLEP Human Growth and Development Exam Practice Test Western Civilization I Sociology Test CLEP Sociology CLEP Analyzing And Interpreting Literature CLEP Chemistry: Structure Of Matter Chemistry Test Principles of Management History of the United States I: Early Colonizations to 1877 CLEP Principles Of Management
 
❤ If you liked Fatskills, consider supporting us by checking out The Life Manuals You Never Got.

🌈  Our mission is to help improve your scores in any subject and exam withonline quizzes, practice tests, study guides, & advice for students. Since 2018.
About | Explore | User Guide | Topics | Subjects | Doubt Solver | Career Aptitude Test | Answers | Free Tools | OSHA Basics Quiz | What Should We Know?
Privacy | Terms |
Without work one finishes nothing. - Ralph Waldo Emerson
© 2026 Fatskills.com

All trademarks, logos and brand names are the property of their respective owners. All company, product and service names used in this website are for identification purposes only. Use of these names, trademarks and brands does not imply endorsement.