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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. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Remediation
Unilateral contract
Exclusive distributor agreements
Jurisdiction
2. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Liquidated damages clause
Workers compensation laws
Condition
Misappropriation theory
3. 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'
Satisfaction
Implied contracts
Mutual rescission
Creditor beneficiary
4. 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.
Duty to mitigate
Writ of habeas corpus
Section 4 of the Securities Act
Implied contracts
5. Administers federal labor laws
Civil Law
National Labor Relations Board
Scienter
Reporting company
6. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Post-trial motions
Bilateral investment treaties
10-K
Regulation D of the Securities Act
7. 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.
Securities and Exchange Commission
Unilateral contract
Token consideration
Obligor
8. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Rational basis test
Accredited investor
Demand assurance
The Environmental Quality Report
9. 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
Condition subsequent
Chapter 11 of the Code
National Labor Relations Board
Environmental Protection Agency
10. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Trademark
Exclusive distributor agreements
Environmental Protection Agency
Bargained-for-exchange
11. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Third party beneficiary
National Labor Relations Board (NLRB)
Direct damages
12. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Misrepresentation
Trust
Goods
Deliberation
13. 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
Condition
Uniform Laws
Corporate social responsibility
14. Inadequate warning of danger - which can be construed as a design defect
Condition precedent
Malpractice
Inadequate warning defect`
Partial or trivial breach
15. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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16. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Manufacturing defect
Equity of redemption
Multilateral treaties
Sherman Act
17. 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 -
Strict liability
Third party beneficiary
Civil Law or Code Law
Motion
18. 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
Contracts that prohibit assignment
Breach
Motion for a more definitive statement
Horizontal agreement
19. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Supreme Court powers
Statutory Seller
Superfund
Promisor's rights (in relation to the beneficiary)
20. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Mistake
'de nuvo'
Bilateral contract
21. A supervening stature makes a contract illegal - and thereby makes performance impossible
'Infants' or 'minors'
Supervening illegality
Burden of proof
Statutory Seller
22. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
8-K
Federal Environmental Pesticide Control Act
Consumer protection
Motion for a more definitive statement
23. A company subject to the Exchange Act
Tie-in agreement
Reporting company
Sham consideration
Employee Retirement Income Security Act (ERISA)
24. Employers make payments to retired employees based on the length of their employment and the wages they received.
Consequentialism
Securities and Exchange Commission
Section 12 (a)(1) of the Securities Act
Defined benefit plans
25. A pre-trial motion when the pleadings are vague or ambiguous.
Mistake
Motion for a more definitive statement
Federal district court
Securities
26. 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
Tender offers
Defenses against liability of misrepresentations or omissions
Demurrer
27. 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
Enabling acts
Parol Evidence Rule
Tender offers
Demurrer
28. 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
Reliance
Petit jury
Treaties authority
29. It is a promise stated in words - either oral or written.
Express contract
Rule 144 of the Securities Act
8-K
Assignor
30. The person being sued
Gramm-Leach-Bliley Act
Defendant
Content-neutral restrictions
Verdict
31. Oversees the purchase and sale of securities
Securities and Exchange Commission
Preponderance of evidence
Section 4 of the Securities Act
National Institute for Occupational Health
32. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Regulation S of the Securities Act
Remediation
Workers compensation laws
Nonexpertized portions
33. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Appellee or respondent
Occupational Safety and Health Act
Federal district court
34. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Supreme Court powers
Oral argument
Consequential damages
Civil liability
35. A condition that cuts off a pre-existing duty
Companies that are subject to the exchange act (Reporting companies)
Adhesion
When an assignment becomes void
Condition subsequent
36. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Federal Trade Commission
Specialized federal courts
Collateral
Supreme Court powers
37. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Assignee
Substitutes of consideration
Superfund
Affirm or disaffirm
38. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Anticipatory repudiation
'Takings'
Americans with Disabilities Act (ADA)
Restitution and rescission
39. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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40. 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
'Quid pro quo'
General Agreement on Tariffs and Trades
Exchange Act Regulations
41. 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)
Indictment
Statute of limitations
Deontological
Foreclosure
42. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Contract with intoxicated persons
Unjust enrichment
Federal Environmental Pesticide Control Act
Motion for a more definitive statement
43. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
National Labor Relations Board
Monopoly
Domicile
Intended beneficiaries of government contract
44. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Contract with intoxicated persons
Discharge of contract
Bureau of Consumer Protection
Remediation
45. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Pregnancy Discrimination ACt
Condition subsequent
Price fixing
46. The creditor's right to take possession of the property is called foreclosure
Trial court
Promisor's rights (in relation to the beneficiary)
Foreclosure
Liquidated damages clause
47. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Section 701 of the Securities Act
Injury-in-fact
Malpractice
Duress
48. 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.
Uniform Commercial Code ('UCC')
Employee-at-will
Federal question jurisdiction
Strict liability
49. 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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50. Claims that the defendant has against the plaintiff
Counterclaims
Token consideration
Diminution in value
Market division