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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. The person to whom the right is assigned
Express contract
Statutory Seller
Assignee
Incidental beneficiary
2. It is an action to avoid unjust enrichment.
Legal ethics
Negative causation
Restitution
Partial or trivial breach
3. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
'clear and present'
Procedural unconscionability
Title VII of the Civil Rights Act of 1964
Direct damages
4. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Defined contribution plan
Counteroffer
Joint obligation
Statute of limitations
5. 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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6. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Specific performance
Consideration
Companies that are subject to the exchange act (Reporting companies)
Express contract
7. A supervening stature makes a contract illegal - and thereby makes performance impossible
Expropriation
General Agreement on Tariffs and Trades
Supervening illegality
Illusory promise
8. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Hung jury
Preponderance of evidence
Toxic Substances Control Act
Tie-in agreement
9. A company subject to the Exchange Act
Reporting company
Remand
Petit jury
Mutual rescission
10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Mistake
Examples of Uniform Laws
Subject matter jurisdiction
11. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Securities Exchange Act of 1934
Any statutory seller
Statutory Seller
Mistake
12. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Social Security Act
Superfund
Occupational Safety and Health Administration (OSHA)
Intended beneficiary
13. 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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14. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Illusory promise
'Takings'
Manufacturing defect
Assignor
15. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Environmental Protection Agency (EPA)
Gratuitous assignment
Exchange Act Regulations
Vertical agreements
16. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Rule 12b (6) motion
Duties that cannot be delegated
Answer
17. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Market division
General Agreement on Tariffs and Trades
Res ipsa loquitor
18. 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.
Implied contracts
'due process'
Administrative Procedure Act
Examples of Uniform Laws
19. 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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20. A situation where one person unfairly benefits from a transaction
Domicile
Condition precedent
National Treatment
Unjust enrichment
21. If the promisor substantially performs under teh contract
Motion for a more definitive statement
Partial or trivial breach
Misstatement or omission
Uniform Commercial Code ('UCC')
22. Discrimination based on race or sex
Employment discrimination
Pregnancy Discrimination ACt
'de nuvo'
Promisee's rights
23. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Informed consent
National Institute for Occupational Health
Concurrent conflict of interests
Manufacturing defect
24. The documents that parties file in connection with their lawsuit
Pleadings
Environmental Protection Agency
Rules of interpretation of a contract by a court
Sherman Act
25. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Toxic Substances Control Act
Securities Exchange Act of 1934
Process of assignment
Illusory promise
26. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Novation
Fair Labor Standards Act (FLSA)
Federal Rules of Civil Procedures
Appellee or respondent
27. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Effect of delegation
Employee-at-will
Levels of courts
General jurisdiction
28. 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
Federal Rules of Civil Procedures
Consumer protection
Duties that cannot be delegated
Revocation
29. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Beneficiary's rights
Delegation
Remand
Plaintiff
30. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Federal question jurisdiction
Foreign Sovereign Immunities Act
10-K
Legal detriment
31. Employers make payments to retired employees based on the length of their employment and the wages they received.
Satisfaction
Trust
Defined benefit plans
Nonexpertized portions
32. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Accredited investor
Group boycotts
Legal capacity
Petit jury
33. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Social Security Administration
Federal Information Act
Consequential damages
Duties that cannot be delegated
34. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Nonexpertized portions
Any statutory seller
Quasi-suspect classification
Fair Labor Standards Act (FLSA)
35. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Contract law
Discharge of contract
General Agreement on Tariffs and Trades
Proxy
36. The party seeking to appeal the previous court's decision
Liability based on intentional tort
Condition
Companies that are subject to the exchange act (Reporting companies)
Appellant
37. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Commercial speech
Unilateral contract
Section 11 of the Securities Act
Diversity jurisdiction
38. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Content-neutral restrictions
Creditor
Federal Trade Commission (FTC)
Subjective intent
39. Misrepresentation that was made with intent
Injunction
Federal circuit court of appeals and the federal court of appeals
Fraud
Short swing profits
40. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Motion to strike
Securities and Exchange Commission
Workers compensation laws
41. A condition that occurs at the same time as performance
Condition concurrent
Regulation S of the Securities Act
Limited jurisdiction
Lien
42. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Negative causation
Section 11 of the Securities Act
Employment law
Rule 12b (6) motion
43. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
'Past consideration'
Option contract
Assignment of rights
44. When the jury retires to a separate room to decide the outcome of the case.
Counterclaims
Deliberation
Intended beneficiary
When an assignment becomes void
45. Claims that the defendant has against the plaintiff
Price fixing
Motion
Quasi-contract
Counterclaims
46. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Involuntary proceeding
Perfected
Rules of construction
Truth in Lending Act
47. He has the enforceable right against the obligor because he is considered the real party interest.
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48. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Burden of proof
Expropriation
Trust
Americans with Disabilities Act (ADA)
49. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Pre-existing duty
Investment contracts
Securities and Exchange Commission
Termination of an invitation to make an offer
50. Both a rejection and termination of the original offer.
Rule 504 of Regulation D of the Securities Act
Counteroffer
Social Security Administration
Judgment n.o.v.