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Test your basic knowledge |
CLEP Introductory Business Law
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Subjects
:
clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Model Rules of Professional Conduct
Exclusive dealing agreement
Chapter 7 of the Code
Intended beneficiary
2. 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.
Federal Information Act
Oral argument
Implied contracts
Material breach
3. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Mutual mistake
Sherman Act
Control persons
Trust
4. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Bilateral contract
Price fixing
Fair Debt Collection Act
Proxy
5. Administers federal labor laws
Production quotas
National Labor Relations Board
Assignor
Price fixing
6. A contract that is made where two promises are outstanding.
Bilateral contract
Attachment
Indictment
Exclusive distributor agreements
7. If the promisor substantially performs under teh contract
Rule of reason
Contract
Remand
Partial or trivial breach
8. 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
Appellate jurisdiction
Verdict
Writ of certiorari
Substitutes of consideration
9. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Plaintiff
Bilateral contract
Federal question jurisdiction
Suspect classification
10. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Restatement (Second) of Contracts
Collateral
Ordinances
Duress
11. Offering made to purchase all or a portion of the shares of a specific company
Tender offers
Assignor
Exclusive dealing agreement
Occupational Safety and Health Administration (OSHA)
12. Treaties entered into between two nations
Judicial review
Personal jurisdiction
Bilateral treaties
Material breach
13. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Superfund
Performance
Rule of reason
Indictment
14. Employers make payments to retired employees based on the length of their employment and the wages they received.
Rules of construction
Strict liability
Securities and Exchange Commission
Defined benefit plans
15. It is a pre-trial motion to take out certain matters
Unilateral mistake
Nonexpertized portions
Material breach
Motion to strike
16. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Model Rules of Professional Conduct
Gratuitous assignment
General Agreement on Tariffs and Trades
Appellant
17. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Condition subsequent
Substantial performance
Section 5 of the Securities Act
Employee-at-will
18. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Limited jurisdiction
Changed circumstances that allow a party to be excused from performance under the contract
Offer
Promise
19. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Bilateral treaties
Federal Communications Commission
Automatic stay
Environmental Protection Agency (EPA)
20. Directors - certain officers - and owners
Securities
Contract law
'de nuvo'
Control persons
21. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Unconscionability
Parol Evidence Rule
Commercial speech
Legal detriment
22. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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23. The agreement to create a security interest
Uniform Laws
Security agreement
Promisor's rights (in relation to the beneficiary)
Executed exchange
24. 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
Revocation
Substantive unconscionability
Mutual rescission
'Past consideration'
25. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Informed consent
Civil liability
National Institute for Occupational Health
Securities Act Registration
26. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Equal Credit Opportunity Act
Revocation
Civil liability
Prosecution
27. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Post-trial motions
Specific performance
Environmental Protection Agency (EPA)
'Past consideration'
28. Treaties between two nations addressing investment concerns
Uniform Laws
Intended beneficiaries of government contract
'Definite and certain'
Bilateral investment treaties
29. A misrepresentation made with knowledge of its inaccuracy
Petit jury
General Agreement on Tariffs and Trades
Scienter
National Environmental Policy Act (NEPA)
30. Contracts that are formed for the intended benefit of some third party.
Third party beneficiary
Control persons
Injunction
Equal Pay Act (EPA)
31. 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
Verdict
Preponderance of evidence
Writ of habeas corpus
Termination of an invitation to make an offer
32. An exemption for certain small offerings
Demand assurance
Bargained-for-exchange
Regulation A of the Securities Act
Misappropriation theory
33. 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.
Accord
Option contract
Intended beneficiaries of government contract
Regulation S of the Securities Act
34. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Bargained-for-exchange
'Blue sky' laws
Implied contract
Exchange Act Regulations
35. 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
Section 7A of the Clayton Act
Reliance damages
Occupational Safety and Health Administration (OSHA)
Truth in Lending Act
36. 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).
Indictment
Demand assurance
Product liability
Substantive unconscionability
37. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Occupational Safety and Health Act
The Social Security Administration
Foreign Sovereign Immunities Act
Total breach
38. One of the primary federal federal statutes
Securities Act
Counteroffer
Corporate social responsibility
Answer
39. Regulates radio - television - and other forms of interstate communications
'Quid pro quo'
Federal Information Act
Federal Communications Commission
Defined contribution plan
40. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Strict liability
Assignor
Attachment
Chapter 13 of the Code
41. The obligee who officially assigned over his rights
Negative causation
Assignor
Production quotas
Model Rules of Professional Conduct
42. A trust formed to dominate an industry
Contract law
Intended beneficiary
Rule 505 of Regulation D of the Securities Act
Monopoly
43. 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.
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Bureau of Customs and Border Protection
Equal Employment Opportunity Commission (EEOC)
Taking a contract 'out of the Statute of Frauds'
44. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Motion of directed verdict or of dismissal
'in pari delicto'
Horizontal agreement
Affirm or disaffirm
45. 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.
Token consideration
Pleadings
Diminution in value
The Social Security Administration
46. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Sherman Act
Section 12 (a)(1) of the Securities Act
Exclusive dealing agreement
Organization for Economic Co-operation and Development (OECD)
47. 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.
Affirm or disaffirm
Pension Benefit Guaranty Corporation (PBGC)
Horizontal agreement
Bureau of Customs and Border Protection
48. Actual performance of an obligation
Section 12(a)(2)
Clean Air Act
Diversity jurisdiction
Satisfaction
49. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Third party beneficiary
Lanham Act
Employee-at-will
Defendant
50. A distinct mark or symbol that identifies a business and its products
Trademark
Tender offers
Commercial speech
Federal Rules of Civil Procedures
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