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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. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Reliance
8-K
Defined benefit plans
Content-neutral restrictions
2. A condition that must occur before a duty to perform arises
Non-recoverable damages
Consequentialism
Deliberation
Condition precedent
3. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Revocation
Title VII of the Civil Rights Act of 1964
Criminal Trial
Affirm or disaffirm
4. 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.
Termination of an invitation to make an offer
Condition
Goods
Equal protection
5. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Equity of redemption
Condition
Rule 144 of the Securities Act
6. The property that is the subject of a security interest
Novation
Automatic stay
Collateral
'in pari delicto'
7. 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.
Levels of courts
Appellee or respondent
Federal Insurance Contributions Act
Standing
8. 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.
Burden of proof
Third party beneficiary
National Labor Relations Board (NLRB)
Diversity jurisdiction
9. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Trial court
Employment law
Pension Benefit Guaranty Corporation (PBGC)
Negative causation
10. A current report required by the Exchange Act
Investment contracts
Section 11 of the Securities Act
8-K
Third party beneficiary
11. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Consumer protection
Market division
Fair Credit Reporting Act
Levels of courts
12. Actual performance of an obligation
Bona fide occupational qualification
Satisfaction
Petit jury
Condition precedent
13. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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14. 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)
Promise
Revocability
Collective bargaining
Adhesion
15. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Secured transaction
Motion for a more definitive statement
Revocability
Consumer protection
16. He has the enforceable right against the obligor because he is considered the real party interest.
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17. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Pregnancy Discrimination ACt
'Mailbox' rule
Option contract
Per se
18. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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19. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Expropriation
Revocability
Trial court
Quasi-suspect classification
20. 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 -
Lanham Act
Consequentialism
Pension Benefit Guaranty Corporation (PBGC)
Supreme Court powers
21. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Resource Conservation and Recovery Act
Corporate social responsibility
Public company
Rule 144 of the Securities Act
22. Not discriminating against foreign product - thereby treating all products within their border equally
Commercial speech
Limited jurisdiction
National Treatment
Implied terms
23. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Exchange Act Regulations
Judgment n.o.v.
'clear and present'
Injury-in-fact
24. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Common Law
Condition subsequent
Equal Credit Opportunity Act
Gift
25. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Appellate jurisdiction
Unemployment compensation laws
Promisor's rights (in relation to the beneficiary)
Administrative law judges
26. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Equal Pay Act (EPA)
Export Administration Regulations (EAR)
Foreclosure
27. Offering made to purchase all or a portion of the shares of a specific company
Answer
Tender offers
Rule 147 of the Securities Act
Rules of interpretation of a contract by a court
28. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Who is liable
Objective standard
Pretexting
29. A situation where one person unfairly benefits from a transaction
Equal protection
Accredited investor
Unjust enrichment
Other constituency statutes
30. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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31. A quarterly report required by the Exchange Act
Common Law
Fair Credit Reporting Act
10-Q
Sherman Act
32. Obtaining consumer's private financial information under false pretenses
Rule 504 of Regulation D of the Securities Act
National Labor Relations Board
Delegation
Pretexting
33. 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
Foreign Sovereign Immunities Act
Group boycotts
Substitutes of consideration
Fair Debt Collection Act
34. 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.
Accord
Contract
Consequential damages
Trademark
35. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Model Rules of Professional Conduct
National Environmental Policy Act (NEPA)
Restatement (Second) of Contracts
Concurrent conflict of interests
36. An exemption for offerings that occur primarily within one state.
Unjust enrichment
Rule 147 of the Securities Act
Contract with intoxicated persons
Clean Air Act
37. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Environmental Protection Agency
When an assignment becomes void
Illusory promise
Appellant
38. A company subject to the Exchange Act
Intended beneficiary
Levels of courts
Enabling acts
Reporting company
39. 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
Employee Retirement Income Security Act (ERISA)
United States Bankruptcy Code ('Code')
Promise
Consideration
40. The right to hold a security interest on a debtor's property.
Demand assurance
Consumer protection
Criminal Trial
Lien
41. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Injunction
Joint obligation
Unilateral rescission
'Mirror image' rule
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
Collective bargaining
Any statutory seller
Involuntary proceeding
Contract with intoxicated persons
43. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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44. Laws created by city councils or county boards - aimed at local matters
Strict liability
Ordinances
Securities and Exchange Commission
Condition subsequent
45. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Employee-at-will
Obligor
Verdict
Defined contribution plan
46. Oversees the purchase and sale of securities
Securities and Exchange Commission
Bureau of Consumer Protection
Mistake
Taking a contract 'out of the Statute of Frauds'
47. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Unilateral rescission
Reliance
Section 12(a)(2)
Effect of delegation
48. Punitive damage - non-economic damages - and attorneys' fees
Truth in Lending Act
Deliberation
Group boycotts
Non-recoverable damages
49. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Manufacturing defect
'in pari delicto'
Common Law
50. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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