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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 company becomes a 'public company' when it issues its securities pursuant to this registration process.
Security agreement
Public company
Commercial speech
'Past consideration'
2. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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3. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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4. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Voluntarily proceeding
Materiality
Criminal Trial
Section 7A of the Clayton Act
5. The person who assigns her rights
Obligee
Assignment of rights
Reporting company
Criminal Trial
6. 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
Mutual mistake
Section 5 of the Securities Act
Substantive unconscionability
Unilateral rescission
7. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Misappropriation theory
Promisee's rights
Export Administration Act (EAA)
National Labor Relations Board
8. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Mortgage
Motion of directed verdict or of dismissal
Obligee
Bona fide occupational qualification
9. Regulates trusts and monopolies
Employment law
Strict liability
Other constituency statutes
Federal Trade Commission
10. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Direct damages
Unsecured creditor
Obligee
Standing
11. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
10-Q
Direct damages
Restatement (Second) of Contracts
Implied contracts
12. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Indictment
Mutual rescission
Other constituency statutes
'Mirror image' rule
13. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Breach
Specialized federal courts
Strict liability
Criminal Law
14. The party seeking to appeal the previous court's decision
Misrepresentation
Appellant
10-Q
Unilateral contract
15. An exemption for securities sold outside of the U.S.
Public company
Regulation S of the Securities Act
Specific performance
Legal capacity
16. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Unilateral mistake
Multilateral treaties
Defined benefit plans
Taking a contract 'out of the Statute of Frauds'
17. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Bilateral investment treaties
Rules of interpretation of a contract by a court
Secured transaction
Any statutory seller
18. Ethical behavior in terms of its consequences ('the end justifies the means')
Adhesion
'meeting of the minds'
Incidental beneficiary
Consequentialism
19. 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
Prosecution
'due process'
Contracts that prohibit assignment
Model Rules of Professional Conduct
20. 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
Clean Water Act
Intended beneficiaries of government contract
Involuntary proceeding
The Environmental Quality Report
21. 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
Expertised portion
Discharge of contract
Unsecured creditor
Design defect
22. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Short swing profits
Subjective intent
Hung jury
Appellate jurisdiction
23. 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
Rules of interpretation of a contract by a court
Other constituency statutes
Diminution in value
Gramm-Leach-Bliley Act
24. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Americans with Disabilities Act (ADA)
Federal district court
Changed circumstances that allow a party to be excused from performance under the contract
Discharge of contract
25. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Rule 12b (6) motion
Gift
Bilateral treaties
Security interest
26. When the jury retires to a separate room to decide the outcome of the case.
Res judicata
Obligee
Defined contribution plan
Deliberation
27. 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
Motion for a more definitive statement
Malpractice
Burden of proof
National Labor Relations Act
28. 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
Toxic Substances Control Act
Option contract
Scienter
The Statute of Frauds
29. Punitive damage - non-economic damages - and attorneys' fees
Delegation
'Ffour corners'
Non-recoverable damages
Obligor's rights
30. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Implied terms
Assignment of rights
Donee beneficiary
Injunction
31. Negative causation - due diligence defense - ...
Organization for Economic Co-operation and Development (OECD)
Res judicata
Civil Law
Defenses against liability of misrepresentations or omissions
32. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Collateral
Joint obligation
Offer
Injunction
33. Manages the nation's social security system
Informed consent
Statutory Seller
The Social Security Administration
Involuntary proceeding
34. 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
Adhesion
Token consideration
Collective bargaining
35. The person who is bringing the suit
Specific performance
National Institute for Occupational Health
8-K
Plaintiff
36. 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.
Satisfaction
Token consideration
Diversity jurisdiction
Federal Environmental Pesticide Control Act
37. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Clayton Act
Contract
Direct damages
Statute of limitations
38. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Consumer protection
'Definite and certain'
Section 5 of the Securities Act
39. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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40. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Foreign Sovereign Immunities Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Clean Air Act
Equal Pay Act (EPA)
41. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Exchange Act Regulations
Taking a contract 'out of the Statute of Frauds'
Bilateral contract
42. 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.
National Treatment
Writ of habeas corpus
Gratuitous assignment
'due process'
43. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
'meeting of the minds'
Liquidated damages clause
Materiality
Unjust enrichment
44. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Discovery
Exclusive dealing agreement
Restitution and rescission
Specific performance
45. 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.
Securities Act
Implied contracts
Proxy
Pre-existing duty
46. Laws that states have passed that aim at regulating securities transactions within their states.
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47. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Condition
National Institute for Occupational Health
Delegation
Motion for a more definitive statement
48. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Accredited investor
Restitution
Obligor
Grand jury
49. The first court to consider an action
Original jurisdiction
Exempt securities and transactions
Short swing profits
Automatic stay
50. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Condition
Appellant
Supreme Court powers
Materiality