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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. The person being sued
General Agreement on Tariffs and Trades
Defendant
Expropriation
Group boycotts
2. Discrimination based on race or sex
Retraction
Affirmative defenses
Employment discrimination
Bilateral Investment Treaty program
3. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Monopoly
Judgment n.o.v.
Model Rules of Professional Conduct
Mutual assent
4. 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.
Securities
Product liability
Utilitarianism
Judgment n.o.v.
5. This is when the appellate court send the case back to the lower court for a new trial.
10-K
Remand
Who is liable
Vertical agreements
6. The creditor's security interest in real property
Mortgage
Effect of delegation
Stare decisis
Expectation damages (also known as the 'benefit of the bargain')
7. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Implied terms
Contracts that prohibit assignment
Foreclosure
Non-recoverable damages
8. A creditor that does not have a security interest in any of the debtor's property or assets.
'Mailbox' rule
Unsecured creditor
Tender offers
Levels of courts
9. The creditor's right to take possession of the property is called foreclosure
Misrepresentation
Foreclosure
Subject matter jurisdiction
Writ of certiorari
10. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Securities Act Registration
Gratuitous assignment
Clayton Act
11. The exchange of promises or an exchange of a promise for a performance.
Counterclaims
Bargained-for-exchange
Securities and Exchange Commission
Mutual mistake
12. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Plaintiff
Clean Air Act
Joint obligation
Unilateral rescission
13. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Vesting of beneficiary's rights
Writ of habeas corpus
Goods
Control persons
14. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Rule 505 of Regulation D of the Securities Act
Scienter
Personal jurisdiction
15. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Rules of interpretation of a contract by a court
Exchange Act Regulations
Occupational Safety and Health Act
Assignor
16. 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 -
Intended beneficiary
Toxic Substances Control Act
Fraud
'due process'
17. 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
Delegation
Federal Communications Commission
Scienter
Supervening illegality
18. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Inadequate warning defect`
Anticipatory repudiation
Equal Credit Opportunity Act
Quasi-suspect classification
19. 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.
Federal question jurisdiction
Limited jurisdiction
'Quid pro quo'
Third party beneficiary
20. An exemption for certain small offerings
Injury-in-fact
Subject matter jurisdiction
Exclusive distributor agreements
Regulation A of the Securities Act
21. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
National Institute for Occupational Health
Lanham Act
Security interest
Social Security Act
22. A condition that cuts off a pre-existing duty
Breach
Legal detriment
Remand
Condition subsequent
23. 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.'
Assignment of rights
Security interest
Equal Credit Opportunity Act
'Quid pro quo'
24. 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
Federal Insurance Contributions Act
Undue influence
Substantive unconscionability
Assignee's rights
25. It represents notice that a lawsuit has been filed against the defendant
Substantial performance
Examples of Uniform Laws
Employment discrimination
Summons
26. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Creditor
Automatic stay
Exclusive distributor agreements
Employment law
27. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Unemployment compensation laws
Penalty
Common Law
Substantive unconscionability
28. 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)
Partial or trivial breach
Chapter 7 of the Code
Civil Law
29. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Superfund
Chapter 11 of the Code
Negative causation
Private placement
30. 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.
Short swing profits
Criminal Law
Breach
Corporate social responsibility
31. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
National Environmental Policy Act (NEPA)
Equity of redemption
Gratuitous assignment
Federal Information Act
32. 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
General Agreement on Tariffs and Trades
'Quid pro quo'
Unilateral mistake
'clear and present'
33. Prohibits institutions from discrimination related to credit applications
Enabling acts
Statutory Seller
Priority of secured transactions
Equal Credit Opportunity Act
34. An exemption for transactions involving offerings to employees.
Production quotas
Section 701 of the Securities Act
Consumer protection
Verdict
35. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Exclusive dealing agreement
Rule 147 of the Securities Act
Intended beneficiaries of government contract
National Environmental Policy Act (NEPA)
36. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Americans with Disabilities Act (ADA)
Objective standard
Model Rules of Professional Conduct
Contract law
37. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
Gramm-Leach-Bliley Act
Superfund
Bilateral investment treaties
38. 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
Foreign Corrupt Practices Act
Expertised portion
'Mirror image' rule
Informed consent
39. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
'Past consideration'
Federal Trade Commission
Subject matter jurisdiction
Lanham Act
40. 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 -
Res judicata
Supreme Court powers
Specific performance
Trademark
41. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Group boycotts
Original jurisdiction
Environmental Protection Agency (EPA)
Indictment
42. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
When an assignment becomes void
Federal Rules of Civil Procedures
Accredited investor
Title VII of the Civil Rights Act of 1964
43. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Implied contracts
Section 4 of the Securities Act
Strict liability
Administrative Procedure Act
44. 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
Rules of interpretation of a contract by a court
Diversity jurisdiction
Gramm-Leach-Bliley Act
Contract with intoxicated persons
45. 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
Gramm-Leach-Bliley Act
Total breach
'Past consideration'
The Environmental Quality Report
46. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Rule 506 of Regulation D of the Securities Act
Lien
Securities Act Registration
Bilateral Investment Treaty program
47. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Equal Employment Opportunity Commission (EEOC)
Private placement
Rule 505 of Regulation D of the Securities Act
Clayton Act
48. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Shareholder primacy
Product liability
Mutual assent
Res judicata
49. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Expertised portion
Section 10(b) and Rule 10b-5 of the Exchange Act
Security interest
Illusory promise
50. Oversees the purchase and sale of securities
Securities and Exchange Commission
Precedent
Process of appealing a case through the three levels of court
Duties that cannot be delegated