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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 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
Attorney/client privilege
Proxy
Quasi-suspect classification
2. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Security agreement
Social Security Act
Tie-in agreement
Rational basis test
3. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Answer
Undue influence
Bilateral investment treaties
Motion of directed verdict or of dismissal
4. Laws that states have passed that aim at regulating securities transactions within their states.
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5. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Defined benefit plans
Trial court
Rule 147 of the Securities Act
Revocation
6. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Concurrent conflict of interests
Statute of limitations
Direct damages
Federal Information Act
7. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Concurrent conflict of interests
Section 12 (a)(1) of the Securities Act
Motion for a more definitive statement
A motion of summary judgement
8. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Obligor's rights
Section 11 of the Securities Act
Bona fide occupational qualification
Sham consideration
9. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Public company
Subject matter jurisdiction
Liquidated damages clause
10. A company subject to the Exchange Act
Reporting company
Prosecution
Express contract
Intended beneficiary
11. 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.
Judicial review
Sherman Act
Securities and Exchange Commission
Fair Credit Reporting Act
12. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Statutory Seller
The Family and Medical Leave Act
Pre-existing duty
The Social Security Administration
13. 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
Mortgage
Expertised portion
Mutual mistake
Federal question jurisdiction
14. 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.
Illusory promise
Securities and Exchange Commission
Vertical agreements
Breach
15. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Equal Pay Act (EPA)
Suspect classification
Creditor
Affirm or disaffirm
16. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Mutual assent
Attorney/client privilege
Personal jurisdiction
Bargained-for-exchange
17. 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)
Deontological
Chapter 13 of the Code
Motion of directed verdict or of dismissal
Condition concurrent
18. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Federal Insurance Contributions Act
The Environmental Quality Report
Process of appealing a case through the three levels of court
Demurrer
19. It represents a request for the court to take some action. A motion can be filed by a defendant.
Diminution in value
Defined benefit plans
Levels of courts
Motion
20. A condition that cuts off a pre-existing duty
Section 701 of the Securities Act
Restitution
Social Security Administration
Condition subsequent
21. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Discovery
Export Administration Act (EAA)
National Labor Relations Board
Assignee's rights
22. They represent losses that result from other transactions that are dependent upon the breached contract
Answer
Criminal Trial
Consequential damages
Process of assignment
23. 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
Reliance damages
Motion
Equity of redemption
Retraction
24. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Strict liability
Administrative law judges
Market division
Social Security Act
25. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Examples of Uniform Laws
Market division
Scienter
Gramm-Leach-Bliley Act
26. 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.
Limited jurisdiction
Remediation
Appellee or respondent
Material breach
27. 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
Goods
Intended beneficiaries of government contract
Companies that are subject to the exchange act (Reporting companies)
Motion for a more definitive statement
28. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Automatic stay
Unilateral mistake
Shareholder primacy
Employment law
29. 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.'
Economic waste
Satisfaction
Civil liability
Fair Debt Collection Act
30. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Model Rules of Professional Conduct
Uniform Laws
Bilateral treaties
Occupational Safety and Health Administration (OSHA)
31. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Adhesion
Duress
Anticipatory repudiation
Section 5 of the Securities Act
32. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Rules of interpretation of a contract by a court
Utilitarianism
Obligee
Model Rules of Professional Conduct
33. 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
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Promisee's rights
National Ambient Air Quality Standards
Joint obligation
34. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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35. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Secured transaction
Rule 12b (6) motion
Option contract
Process of assignment
36. 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'.
Multilateral treaties
Negative causation
Control persons
Preponderance of evidence
37. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Pension Benefit Guaranty Corporation (PBGC)
Judgment n.o.v.
Contract
Nonexpertized portions
38. 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
Affirmative defenses
Legal detriment
Unilateral rescission
Subject matter jurisdiction
39. Both a rejection and termination of the original offer.
Diminution in value
General Agreement on Tariffs and Trades
Utilitarianism
Counteroffer
40. 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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41. Treaties between two nations addressing investment concerns
Federal Information Act
Partial or trivial breach
Accredited investor
Bilateral investment treaties
42. 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
Any statutory seller
Mortgage
Pre-existing duty
Offer
43. 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
Rules of construction
Defenses against liability of misrepresentations or omissions
Section 5 of the Securities Act
Prospectus
44. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Treaties authority
Federal Environmental Pesticide Control Act
Unilateral rescission
Bureau of Customs and Border Protection
45. 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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46. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Unilateral rescission
Trademark
Defined contribution plan
The Environmental Quality Report
47. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Federal circuit court of appeals and the federal court of appeals
Rule 12b (6) motion
Prosecution
Complete or total integration
48. Negative causation - due diligence defense - ...
Motion to strike
Fair Credit Reporting Act
National Institute for Occupational Health
Defenses against liability of misrepresentations or omissions
49. Administers federal labor laws
Preponderance of evidence
Employment law
Examples of Uniform Laws
National Labor Relations Board
50. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Horizontal agreement
Levels of courts
Civil Law
Clayton Act