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Test your basic knowledge |
CLEP Introductory Business Law
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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. It represents notice that a lawsuit has been filed against the defendant
Pension Benefit Guaranty Corporation (PBGC)
Summons
Standing
Pre-existing duty
2. 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
Diversity jurisdiction
Commercial speech
Option contract
Consideration
3. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Criminal Trial
Group boycotts
National Ambient Air Quality Standards
Market division
4. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Examples of Uniform Laws
Export Administration Regulations (EAR)
Indictment
Remediation
5. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Preponderance of evidence
'Ffour corners'
Mental incapacity
Federal Rules of Civil Procedures
6. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Judicial review
Strict liability
Export Administration Act (EAA)
Legal ethics
7. 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
Implied contract
Inadequate warning defect`
Unilateral rescission
National Labor Relations Act
8. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Illusory promise
Corporate social responsibility
Satisfaction
Administrative Procedure Act
9. A trust formed to dominate an industry
Monopoly
Exclusive dealing agreement
Regulation A of the Securities Act
Equity of redemption
10. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
General jurisdiction
Equal protection
Mutual rescission
Foreign Sovereign Immunities Act
11. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Delegation
Rules of construction
Bureau of Customs and Border Protection
Criminal Trial
12. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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13. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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14. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Federal circuit court of appeals and the federal court of appeals
Third party beneficiary
'Ffour corners'
Expropriation
15. 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.'
Enabling acts
Satisfaction
Stare decisis
Assignment of rights
16. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Unconscionability
Condition concurrent
Price fixing
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
17. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Pension Benefit Guaranty Corporation (PBGC)
'Definite and certain'
Defined contribution plan
Consumer protection
18. Misrepresentation that was made with intent
Goods
Age Discrimination in Employment Act (ADEA)
Rule 505 of Regulation D of the Securities Act
Fraud
19. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Effect of delegation
Reliance
Unilateral mistake
Trust
20. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Lien
Process of assignment
Substitutes of consideration
Nonexpertized portions
21. 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'
Creditor beneficiary
Option contract
Indictment
Effect of delegation
22. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Uniform Laws
Legal detriment
Restitution
23. A condition that occurs at the same time as performance
Misappropriation theory
Fair Debt Collection Act
Condition concurrent
Commercial speech
24. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
National Labor Relations Board (NLRB)
Mental incapacity
Petit jury
25. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Intended beneficiaries of government contract
Donee beneficiary
Offer
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
26. 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
Strict liability
Substantial performance
Intended beneficiaries of government contract
Excuse of condition
27. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Misappropriation theory
Defined benefit plans
When an assignment becomes void
Objective standard
28. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Federal Rules of Civil Procedures
Assignment of rights
Consideration
Satisfaction
29. (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)
Jurisdiction
Utilitarianism
Verdict
Employment discrimination
30. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Condition
Environmental Protection Agency (EPA)
Limited jurisdiction
Process of assignment
31. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
National Treatment
Adhesion
A motion of summary judgement
32. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Pension Benefit Guaranty Corporation (PBGC)
Motion of directed verdict or of dismissal
Revocation
33. If the promisor substantially performs under teh contract
National Treatment
Partial or trivial breach
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Jurisdiction
34. The agreement to create a security interest
Corporate social responsibility
Security agreement
Mental incapacity
Complete or total integration
35. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Appellee or respondent
Employee Retirement Income Security Act (ERISA)
Remediation
Counterclaims
36. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Criminal Law
Private placement
Group boycotts
37. An annual report required by the Exchange Act
10-K
Standing
Assignee
Securities
38. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
National Labor Relations Act
Bureau of Customs and Border Protection
Mutual rescission
39. 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.
Motion of directed verdict or of dismissal
'meeting of the minds'
Contract law
Contract
40. 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
National Institute for Occupational Health
Pre-existing duty
Rules of interpretation of a contract by a court
Scienter
41. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
Section 4 of the Securities Act
Environmental Protection Agency
Oral argument
42. The right of both parties to gain information concerning the other party and her witnesses.
Substantive unconscionability
Discovery
Bilateral treaties
Shareholder primacy
43. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Direct damages
Model Rules of Professional Conduct
Contract with intoxicated persons
Unilateral contract
44. 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.
Corporate social responsibility
Gift
Sham consideration
Foreign Sovereign Immunities Act
45. Discrimination based on race or sex
Material breach
Foreclosure
Employment discrimination
Rule 12b (6) motion
46. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
8-K
Specific performance
Bona fide occupational qualification
Section 12(a)(2)
47. 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
Pension Benefit Guaranty Corporation (PBGC)
Total breach
Perfected
Production quotas
48. The property that is the subject of a security interest
Collateral
Employment discrimination
Changed circumstances that allow a party to be excused from performance under the contract
Export Administration Regulations (EAR)
49. 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.
Bilateral contract
Vertical agreements
'due process'
Rule of reason
50. 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.
Injury-in-fact
Verdict
Goods
Section 4 of the Securities Act
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