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Test your basic knowledge |
CLEP Introductory Business Law
Start Test
Study First
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 situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Economic waste
Control persons
Personal jurisdiction
Discharge of contract
2. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Examples of Uniform Laws
Duress
Deliberation
Adhesion
3. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trust
Implied contracts
Chapter 13 of the Code
National Treatment
4. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Federal Trade Commission (FTC)
Writ of habeas corpus
Legal capacity
Equity of redemption
5. Previous decisions made by decisions - by which the current judges must abide by.
The Family and Medical Leave Act
Assignment of rights
Per se
Precedent
6. When the jury retires to a separate room to decide the outcome of the case.
Deliberation
Secured transaction
Writ of habeas corpus
Federal Insurance Contributions Act
7. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Objective standard
Section 4 of the Securities Act
Bureau of Consumer Protection
Promisor's rights (in relation to the beneficiary)
8. Oversees the purchase and sale of securities
Specialized federal courts
Unemployment compensation laws
Securities and Exchange Commission
10-Q
9. He has the enforceable right against the obligor because he is considered the real party interest.
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10. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Commencing a lawsuit
Prosecution
A motion of summary judgement
Employee Retirement Income Security Act (ERISA)
11. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Design defect
Quasi-contract
National Labor Relations Board (NLRB)
Bureau of Customs and Border Protection
12. 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.
Exempt securities and transactions
Process of assignment
Condition
National Environmental Policy Act (NEPA)
13. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Express contract
Statute of limitations
Involuntary proceeding
Clayton Act
14. 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
Consequential damages
Res ipsa loquitor
Legal detriment
Exclusive dealing agreement
15. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Accord
Federal question jurisdiction
Federal district court
Common Law
16. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Voluntarily proceeding
Social Security Act
Donee beneficiary
Quasi-suspect classification
17. Laws created by city councils or county boards - aimed at local matters
Excuse of condition
Ordinances
Expectation damages (also known as the 'benefit of the bargain')
Hung jury
18. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Rational basis test
Involuntary proceeding
When an assignment becomes void
Duty to mitigate
19. 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
Restatement (Second) of Contracts
Supervening illegality
Title VII of the Civil Rights Act of 1964
Section 701 of the Securities Act
20. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Pleadings
Liability based on intentional tort
Trademark
Res ipsa loquitor
21. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Defined benefit plans
Domicile
Deontological
Process of appealing a case through the three levels of court
22. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Diminution in value
'Mirror image' rule
Pregnancy Discrimination ACt
Strict liability
23. 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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24. 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 -
Civil Law or Code Law
Bona fide occupational qualification
Fair Labor Standards Act (FLSA)
Implied contracts
25. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Any statutory seller
Ordinances
Production quotas
26. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Bilateral contract
Age Discrimination in Employment Act (ADEA)
Material breach
General jurisdiction
27. An exemption for securities sold outside of the U.S.
Regulation S of the Securities Act
Affirmative defenses
Rule 12b (6) motion
Tie-in agreement
28. 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.
Product liability
Scienter
Judgment n.o.v.
Reliance
29. 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 -
Satisfaction
Civil liability
Motion to strike
Any statutory seller
30. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Misrepresentation
The Environmental Quality Report
Social Security Administration
Civil liability
31. 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.
10-K
Economic waste
Pension Benefit Guaranty Corporation (PBGC)
Perfected
32. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Expectation damages (also known as the 'benefit of the bargain')
Chapter 13 of the Code
Collateral
Restitution
33. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Taking a contract 'out of the Statute of Frauds'
Undue influence
Chapter 13 of the Code
Occupational Safety and Health Act
34. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
The Statute of Frauds
Superfund
Trust
Export Administration Act (EAA)
35. It regulates chemical substances
'Takings'
Fair Labor Standards Act (FLSA)
Discharge of contract
Toxic Substances Control Act
36. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Administrative law judges
Sherman Act
Federal district court
Companies that are subject to the exchange act (Reporting companies)
37. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Group boycotts
Limited jurisdiction
Assignee's rights
Securities Act
38. It is a pre-trial motion to take out certain matters
Unsecured creditor
Substantive unconscionability
Motion to strike
Control persons
39. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Strict liability
Materiality
Satisfaction
Limited jurisdiction
40. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Indictment
Novation
Price fixing
Chapter 11 of the Code
41. 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
Exchange Act Regulations
Substantive unconscionability
Delegation
Parol Evidence Rule
42. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Parol Evidence Rule
Securities Act Registration
Hung jury
Deontological
43. 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.
Commencing a lawsuit
Subject matter jurisdiction
Excuse of condition
National Labor Relations Board
44. Obtaining consumer's private financial information under false pretenses
Res judicata
Appellate jurisdiction
Pretexting
Who is liable
45. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Rules of construction
Section 5 of the Securities Act
Contracts that prohibit assignment
Levels of courts
46. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Assignment of rights
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Automatic stay
Civil liability
47. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Accord
Summons
Commercial speech
48. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Environmental Protection Agency (EPA)
Writ of habeas corpus
Resource Conservation and Recovery Act
Unjust enrichment
49. A current report required by the Exchange Act
Implied terms
8-K
Verdict
Liability based on intentional tort
50. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Writ of habeas corpus
Materiality
Condition precedent
Gratuitous assignment