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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 part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Criminal Law
Procedural unconscionability
Title VII of the Civil Rights Act of 1964
Bureau of Customs and Border Protection
2. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Consequential damages
Duress
Chapter 13 of the Code
Exclusive distributor agreements
3. 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
Rule 144 of the Securities Act
Bilateral Investment Treaty program
Writ of certiorari
Diversity jurisdiction
4. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Sherman Act
Direct damages
Export Administration Regulations (EAR)
Trademark
5. Inadequate warning of danger - which can be construed as a design defect
Shareholder primacy
Motion
Inadequate warning defect`
Companies that are subject to the exchange act (Reporting companies)
6. A misrepresentation made with knowledge of its inaccuracy
Deontological
Condition
Scienter
Mutual rescission
7. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Group boycotts
Promise
Administrative law judges
Rules of interpretation of a contract by a court
8. The right of both parties to gain information concerning the other party and her witnesses.
Motion for a more definitive statement
Discovery
Federal Insurance Contributions Act
Section 7A of the Clayton Act
9. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Occupational Safety and Health Act
Bureau of Consumer Protection
Bona fide occupational qualification
Levels of courts
10. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Sham consideration
Intended beneficiary
Unilateral rescission
Statute of limitations
11. The exchange of promises or an exchange of a promise for a performance.
Bargained-for-exchange
Diminution in value
Common Law
Parol Evidence Rule
12. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Clean Water Act
Expropriation
Vertical agreements
Excuse of condition
13. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Security interest
Bilateral contract
Securities and Exchange Commission
Injunction
14. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Contract
Verdict
Mutual assent
Price fixing
15. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Mutual assent
The Family and Medical Leave Act
Prosecution
16. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Goods
Securities and Exchange Commission
Market division
Bargained-for-exchange
17. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Manufacturing defect
Condition
Specialized federal courts
Promise
18. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Age Discrimination in Employment Act (ADEA)
Occupational Safety and Health Administration (OSHA)
Priority of secured transactions
Americans with Disabilities Act (ADA)
19. 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
Bureau of Customs and Border Protection
Legal detriment
Gratuitous assignment
Clean Water Act
20. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Lien
Lanham Act
Clean Water Act
Contract law
21. Laws created by city councils or county boards - aimed at local matters
Pretexting
Domicile
Securities
Ordinances
22. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Judicial review
Lien
Complete or total integration
Secured transaction
23. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Uniform Commercial Code ('UCC')
Implied terms
Satisfaction
Adhesion
24. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Priority of secured transactions
Grand jury
Shareholder primacy
Civil liability
25. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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26. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Federal Communications Commission
Unjust enrichment
Lien
Donee beneficiary
27. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Hung jury
Ordinances
Federal Insurance Contributions Act
Superfund
28. 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
Beneficiary's rights
Rule 504 of Regulation D of the Securities Act
Secured transaction
Effect of delegation
29. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Federal district court
Changed circumstances that allow a party to be excused from performance under the contract
Procedural unconscionability
Implied contracts
30. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Pleadings
Informed consent
Horizontal agreement
Restitution and rescission
31. When the debtor voluntarily initiates the bankruptcy proceedings
Implied contracts
National Labor Relations Board
Voluntarily proceeding
Post-trial motions
32. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Charitable contributions
Clean Air Act
Condition concurrent
Res judicata
33. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Stare decisis
Rule 147 of the Securities Act
'Mailbox' rule
34. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Subject matter jurisdiction
Regulation S of the Securities Act
Social Security Administration
National Environmental Policy Act (NEPA)
35. 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
Rule 504 of Regulation D of the Securities Act
Voluntarily proceeding
National Labor Relations Act
Rules of interpretation of a contract by a court
36. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Total breach
Employment discrimination
Mortgage
Direct damages
37. Previous decisions made by decisions - by which the current judges must abide by.
Section 7A of the Clayton Act
Contract
Preponderance of evidence
Precedent
38. 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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39. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Fair Labor Standards Act (FLSA)
Trust
Lanham Act
Federal circuit court of appeals and the federal court of appeals
40. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Rules of interpretation of a contract by a court
Chapter 11 of the Code
'Takings'
Equity of redemption
41. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Expropriation
Intended beneficiary
Bona fide occupational qualification
Prosecution
42. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Effect of delegation
Bilateral contract
Reporting company
Attachment
43. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Discharge of contract
Deliberation
Securities Exchange Act of 1934
Diminution in value
44. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Enabling acts
Post-trial motions
Process of assignment
Assignee
45. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Misstatement or omission
Americans with Disabilities Act (ADA)
Novation
Equal Employment Opportunity Commission (EEOC)
46. 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
Sherman Act
Summons
The Statute of Frauds
Supervening illegality
47. 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
Examples of Uniform Laws
Criminal Law
Federal Rules of Civil Procedures
The Council on Environmental Quality
48. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Collective bargaining
10-Q
Bureau of Consumer Protection
Discovery
49. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Section 4 of the Securities Act
Section 12(a)(2)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Ordinances
50. 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
Other constituency statutes
Duties that cannot be delegated
Defined contribution plan
Substantive unconscionability