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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. Negative causation - due diligence defense - ...
Discharge of contract
'de nuvo'
Defenses against liability of misrepresentations or omissions
Rules of construction
2. It regulates chemical substances
Toxic Substances Control Act
Bargained-for-exchange
Chapter 11 of the Code
General Agreement on Tariffs and Trades
3. Prevents discrimination against employees who are 40years old or more
Sham consideration
Plaintiff
Age Discrimination in Employment Act (ADEA)
Section 10(b) and Rule 10b-5 of the Exchange Act
4. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Verdict
Goods
Group boycotts
Prosecution
5. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Process of assignment
'in pari delicto'
Legal ethics
Truth in Lending Act
6. 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
Equity of redemption
Strict liability
Securities Act
Substantive unconscionability
7. 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'
Stare decisis
Joint obligation
Creditor beneficiary
Securities Exchange Act of 1934
8. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Unjust enrichment
National Labor Relations Board
Rule 504 of Regulation D of the Securities Act
Strict liability
9. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Commercial speech
Nonexpertized portions
Commencing a lawsuit
Satisfaction
10. 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.
Non-recoverable damages
Excuse of condition
Discovery
Duties that cannot be delegated
11. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Promisee's rights
Design defect
Grand jury
12. The person being sued
Clayton Act
Defendant
Material breach
Diversity jurisdiction
13. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
10-K
Consideration
Vertical agreements
Federal Trade Commission (FTC)
14. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Scienter
Chapter 13 of the Code
Motion of directed verdict or of dismissal
Commencing a lawsuit
15. 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
Rules of interpretation of a contract by a court
Bilateral contract
Parol Evidence Rule
Scienter
16. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Civil liability
Condition precedent
Reliance
Anticipatory repudiation
17. The property that is the subject of a security interest
Bargained-for-exchange
Specialized federal courts
Collateral
Duress
18. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Automatic stay
Equal protection
Superfund
Rules of construction
19. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
The Family and Medical Leave Act
Clean Water Act
Subject matter jurisdiction
Uniform Laws
20. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Section 4 of the Securities Act
Bureau of Consumer Protection
Undue influence
Process of appealing a case through the three levels of court
21. The party seeking to appeal the previous court's decision
Post-trial motions
Appellant
Revocability
Federal Trade Commission (FTC)
22. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Content-neutral restrictions
Bureau of Customs and Border Protection
Federal Trade Commission (FTC)
Gramm-Leach-Bliley Act
23. The person who is bringing the suit
Bilateral contract
Plaintiff
Priority of secured transactions
Excuse of condition
24. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Verdict
Gratuitous assignment
Trust
Bilateral investment treaties
25. 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
Retraction
'Past consideration'
Motion for a more definitive statement
'Mailbox' rule
26. 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
Reliance damages
Resource Conservation and Recovery Act
Adhesion
Condition subsequent
27. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Burden of proof
Fraud
Utilitarianism
Preponderance of evidence
28. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Exclusive dealing agreement
A motion of summary judgement
Answer
Section 10(b) and Rule 10b-5 of the Exchange Act
29. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Revocability
Commercial speech
Rule 144 of the Securities Act
Petit jury
30. Punitive damage - non-economic damages - and attorneys' fees
Uniform Commercial Code ('UCC')
Non-recoverable damages
Trust
Bilateral contract
31. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
'meeting of the minds'
Social Security Act
Trial court
Control persons
32. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Federal question jurisdiction
Assignment of rights
Clean Air Act
Donee beneficiary
33. 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).
Assignee
'Blue sky' laws
Superfund
Product liability
34. The creditor's right to take possession of the property is called foreclosure
Bureau of Customs and Border Protection
Legal detriment
Rule of reason
Foreclosure
35. One of the primary federal federal statutes
Unjust enrichment
Exchange Act Regulations
Securities Act
Federal Insurance Contributions Act
36. When there is no bargained-for exchange - because there is no exchange.
Tie-in agreement
Gift
Enabling acts
Utilitarianism
37. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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38. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Strict liability
Injunction
The Environmental Quality Report
Rule 147 of the Securities Act
39. 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
Total breach
Substitutes of consideration
The Council on Environmental Quality
Priority of secured transactions
40. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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41. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Section 12 (a)(1) of the Securities Act
Informed consent
The Council on Environmental Quality
Multilateral treaties
42. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Quasi-contract
Quasi-suspect classification
Judgment n.o.v.
Bona fide occupational qualification
43. An exemption for securities sold outside of the U.S.
Gramm-Leach-Bliley Act
Unsecured creditor
Organization for Economic Co-operation and Development (OECD)
Regulation S of the Securities Act
44. 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
The Family and Medical Leave Act
Domicile
Consequential damages
Third party beneficiary
45. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
National Ambient Air Quality Standards
Vertical agreements
Sherman Act
Federal Information Act
46. An annual report required by the Exchange Act
10-K
Gramm-Leach-Bliley Act
Foreign Sovereign Immunities Act
Assignment of rights
47. Offering made to purchase all or a portion of the shares of a specific company
Mutual rescission
Tender offers
Indictment
8-K
48. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Occupational Safety and Health Administration (OSHA)
Appellate jurisdiction
Direct damages
Gratuitous assignment
49. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Employment law
Legal detriment
Expropriation
Motion
50. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Investment contracts
Performance
Condition precedent
When an assignment becomes void