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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. 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.
Express contract
Post-trial motions
Taking a contract 'out of the Statute of Frauds'
Employee-at-will
2. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Attachment
Substantial performance
Federal Insurance Contributions Act
10-K
3. 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)
Pre-existing duty
Promise
Production quotas
Unconscionability
4. 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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5. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Subject matter jurisdiction
Counteroffer
Federal Trade Commission (FTC)
Judicial review
6. When a control makes a profit purchasing and selling her shares within a six-month period
Employee-at-will
Short swing profits
Motion to strike
Intended beneficiary
7. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Model Rules of Professional Conduct
Occupational Safety and Health Administration (OSHA)
Private placement
Implied contract
8. Actual performance of an obligation
Satisfaction
A motion of summary judgement
Exempt securities and transactions
Motion
9. Administers federal labor laws
Total breach
National Labor Relations Board
Public company
Automatic stay
10. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Voluntarily proceeding
Unilateral mistake
Accredited investor
Regulation D of the Securities Act
11. An intent to deceive or defraud
Scienter
Quasi-contract
Rule 12b (6) motion
Equity of redemption
12. A distinct mark or symbol that identifies a business and its products
Trademark
Market division
Federal Communications Commission
Legal ethics
13. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Revocability
Express contract
Defendant
Subject matter jurisdiction
14. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Examples of Uniform Laws
Accord
Criminal Law
'Infants' or 'minors'
15. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
Section 5 of the Securities Act
When an assignment becomes void
Fair Labor Standards Act (FLSA)
16. Defenses that would prevent the plaintiff from holding the defendant liable
'Quid pro quo'
Federal Environmental Pesticide Control Act
Rule 506 of Regulation D of the Securities Act
Affirmative defenses
17. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
The Environmental Quality Report
Retraction
Mortgage
Counteroffer
18. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Foreign Corrupt Practices Act
Process of assignment
Informed consent
Motion to strike
19. The difference between the value of the property as substantially complete and the value of the property upon full performance
Lien
Employee Retirement Income Security Act (ERISA)
Verdict
Diminution in value
20. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
10-Q
Social entity or stakeholder theory of the corporation
Contract
Limited jurisdiction
21. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Discharge of contract
Commencing a lawsuit
Examples of Uniform Laws
Lanham Act
22. 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.
Partial or trivial breach
Bilateral Investment Treaty program
Duties that cannot be delegated
Duty to mitigate
23. 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
The Council on Environmental Quality
Condition precedent
General Agreement on Tariffs and Trades
Toxic Substances Control Act
24. Rules of ethics that govern the practice of law and the conduct of lawyers
Clean Air Act
Civil Law
Gift
Legal ethics
25. A misrepresentation made with knowledge of its inaccuracy
Scienter
Common Law
Security interest
Title VII of the Civil Rights Act of 1964
26. The promisor's failure to perform in accordance with the terms of the contract
Civil liability
Breach
Excuse of condition
Consideration
27. The obligee who officially assigned over his rights
Nonexpertized portions
Uniform Laws
Assignor
Contracts that prohibit assignment
28. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -
Counterclaims
Unemployment compensation laws
National Institute for Occupational Health
Supreme Court powers
29. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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30. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Changed circumstances that allow a party to be excused from performance under the contract
Expectation damages (also known as the 'benefit of the bargain')
Appellant
Unilateral contract
31. 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
Exempt securities and transactions
Accord
Partial or trivial breach
Design defect
32. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Workers compensation laws
Rule 504 of Regulation D of the Securities Act
Rule 505 of Regulation D of the Securities Act
Appellant
33. 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.'
Offer
Federal Environmental Pesticide Control Act
Manufacturing defect
Quasi-suspect classification
34. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Regulation D of the Securities Act
Judgment n.o.v.
Commercial speech
Diminution in value
35. The agreement to create a security interest
Security agreement
Section 12 (a)(1) of the Securities Act
Treaties authority
Intended beneficiary
36. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Objective standard
Contract
Criminal Law
Writ of certiorari
37. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Writ of certiorari
Collateral
Expropriation
Process of assignment
38. 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 -
'Ffour corners'
Civil Law or Code Law
Remediation
Clean Water Act
39. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
'clear and present'
Process of appealing a case through the three levels of court
Creditor beneficiary
Jurisdiction
40. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Shareholder primacy
Performance
Public company
A motion of summary judgement
41. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Levels of courts
Intended beneficiary
Resource Conservation and Recovery Act
Bargained-for-exchange
42. A company subject to the Exchange Act
Reporting company
National Institute for Occupational Health
Export Administration Regulations (EAR)
Malpractice
43. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Attachment
Goods
'meeting of the minds'
Unilateral contract
44. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Specialized federal courts
Trial court
Demand assurance
Liability based on intentional tort
45. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Who is liable
Undue influence
Diversity jurisdiction
Public company
46. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Undue influence
Duties that cannot be delegated
Unilateral contract
Section 12 (a)(1) of the Securities Act
47. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Tie-in agreement
Chapter 7 of the Code
National Labor Relations Board (NLRB)
Lanham Act
48. 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
Sherman Act
Statute of limitations
Foreign Sovereign Immunities Act
Supreme Court powers
49. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Process of appealing a case through the three levels of court
Clayton Act
Grand jury
General jurisdiction
50. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Unjust enrichment
Perfected
Federal Information Act
United States Bankruptcy Code ('Code')