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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 condition that must occur before a duty to perform arises
Corporate social responsibility
Restitution
Condition precedent
Goods
2. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Title VII of the Civil Rights Act of 1964
Criminal Trial
National Ambient Air Quality Standards
Export Administration Act (EAA)
3. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
United States Bankruptcy Code ('Code')
Economic waste
Federal circuit court of appeals and the federal court of appeals
Pregnancy Discrimination ACt
4. A misrepresentation made with knowledge of its inaccuracy
Scienter
Per se
Intended beneficiaries of government contract
Rational basis test
5. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Restatement (Second) of Contracts
Federal Communications Commission
Section 7A of the Clayton Act
Informed consent
6. He has the enforceable right against the obligor because he is considered the real party interest.
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7. 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.
Goods
Original jurisdiction
Limited jurisdiction
Contracts that prohibit assignment
8. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Section 11 of the Securities Act
Illusory promise
Federal Trade Commission (FTC)
Bargained-for-exchange
9. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Enabling acts
Adhesion
Equal Pay Act (EPA)
10. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Stare decisis
Federal Trade Commission (FTC)
Parol Evidence Rule
Prospectus
11. Misrepresentation that was made with intent
Appellee or respondent
Regulation S of the Securities Act
Bona fide occupational qualification
Fraud
12. It is an action to avoid unjust enrichment.
Truth in Lending Act
Expropriation
Design defect
Restitution
13. 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.
Liability based on intentional tort
Diversity jurisdiction
Joint obligation
Writ of certiorari
14. Not discriminating against foreign product - thereby treating all products within their border equally
Expertised portion
National Treatment
Security agreement
Legal ethics
15. 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.
Manufacturing defect
Retraction
Legal capacity
Federal Insurance Contributions Act
16. 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
Utilitarianism
Equity of redemption
Remand
Delegation
17. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Security interest
Age Discrimination in Employment Act (ADEA)
Shareholder primacy
Expertised portion
18. The promisor's failure to perform in accordance with the terms of the contract
Breach
Grand jury
Token consideration
Pre-existing duty
19. 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
Supreme Court powers
Parol Evidence Rule
Section 12 (a)(1) of the Securities Act
20. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
The Social Security Administration
Employment law
When an assignment becomes void
8-K
21. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Scienter
Duty to mitigate
Administrative Procedure Act
Supervening illegality
22. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Administrative law judges
Motion
'Infants' or 'minors'
Levels of courts
23. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Termination of an invitation to make an offer
Content-neutral restrictions
Express contract
Civil Law or Code Law
24. Discrimination based on race or sex
Legal ethics
Original jurisdiction
Employment discrimination
Indictment
25. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Pre-existing duty
Fair Credit Reporting Act
Performance
Total breach
26. 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
National Labor Relations Act
National Labor Relations Board (NLRB)
Reliance
Equal Pay Act (EPA)
27. It regulates chemical substances
Toxic Substances Control Act
Assignment of rights
Manufacturing defect
Charitable contributions
28. Place of permanent residence
Domicile
Inadequate warning defect`
Voluntarily proceeding
Consumer protection
29. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Materiality
Intended beneficiary
The Council on Environmental Quality
Securities and Exchange Commission
30. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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31. 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.
Vertical agreements
Expectation damages (also known as the 'benefit of the bargain')
Writ of habeas corpus
Criminal Law
32. Automatic violations of the Sherman Act
Writ of habeas corpus
Exclusive dealing agreement
Assignee
Per se
33. 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
Securities
Diversity jurisdiction
National Ambient Air Quality Standards
Statutory Seller
34. 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
Pretexting
Equal Employment Opportunity Commission (EEOC)
Export Administration Regulations (EAR)
35. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Negative causation
Legal capacity
Affirm or disaffirm
Obligor's rights
36. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Judicial review
Companies that are subject to the exchange act (Reporting companies)
Corporate social responsibility
Deliberation
37. 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
Adhesion
Environmental Protection Agency
Production quotas
Statute of limitations
38. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Employee-at-will
Answer
Legal ethics
Statutory Seller
39. 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.
National Labor Relations Board (NLRB)
Excuse of condition
Hung jury
Procedural unconscionability
40. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Malpractice
Federal circuit court of appeals and the federal court of appeals
Rules of construction
Prosecution
41. The agreement to create a security interest
Security agreement
Chapter 13 of the Code
Bargained-for-exchange
Section 7A of the Clayton Act
42. Directors - certain officers - and owners
Foreclosure
Control persons
Uniform Commercial Code ('UCC')
Trademark
43. 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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44. A current report required by the Exchange Act
Oral argument
Mutual mistake
8-K
Private placement
45. 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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46. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Sherman Act
Americans with Disabilities Act (ADA)
Revocation
Retraction
47. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Parol Evidence Rule
Collective bargaining
Utilitarianism
48. 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 -
Consumer protection
Mistake
Pretexting
Civil Law or Code Law
49. A contract that is made where two promises are outstanding.
Multilateral treaties
Post-trial motions
Specialized federal courts
Bilateral contract
50. 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.
Original jurisdiction
Chapter 7 of the Code
Malpractice
Limited jurisdiction