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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. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Creditor beneficiary
Short swing profits
Parol Evidence Rule
Option contract
2. 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
Regulation S of the Securities Act
Securities and Exchange Commission
Product liability
3. A person who is not an intended beneficiary
Federal Rules of Civil Procedures
Injunction
Incidental beneficiary
Federal Trade Commission (FTC)
4. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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5. A creditor that does not have a security interest in any of the debtor's property or assets.
Civil Law or Code Law
Unconscionability
Unsecured creditor
Executed exchange
6. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Secured transaction
Employment discrimination
Performance
Americans with Disabilities Act (ADA)
7. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
A motion of summary judgement
Implied terms
Social entity or stakeholder theory of the corporation
Employee-at-will
8. 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
Social Security Administration
Promisee's rights
Administrative Procedure Act
Environmental Protection Agency
9. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Undue influence
Lanham Act
Price fixing
Unjust enrichment
10. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Objective standard
Defined contribution plan
Ordinances
Limited jurisdiction
11. 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
Pre-existing duty
Attorney/client privilege
The Environmental Quality Report
Regulation S of the Securities Act
12. 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
Securities and Exchange Commission
Termination of an invitation to make an offer
Illusory promise
Statutory Seller
13. Automatic violations of the Sherman Act
Contracts that prohibit assignment
Complete or total integration
Per se
Market division
14. The person being sued
Defendant
Duties that cannot be delegated
Equal Employment Opportunity Commission (EEOC)
Common Law
15. A pre-trial motion when the pleadings are vague or ambiguous.
Commencing a lawsuit
Employee Retirement Income Security Act (ERISA)
Common Law
Motion for a more definitive statement
16. An exemption for securities sold outside of the U.S.
Regulation S of the Securities Act
Promisor's rights (in relation to the beneficiary)
Defendant
Mutual assent
17. 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.
Rule 144 of the Securities Act
Consequentialism
Strict liability
Federal Environmental Pesticide Control Act
18. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Offer
Misstatement or omission
Incidental beneficiary
Process of assignment
19. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Grand jury
Incidental beneficiary
Obligor
Securities and Exchange Commission
20. 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
Age Discrimination in Employment Act (ADEA)
Short swing profits
Promisee's rights
21. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Expectation damages (also known as the 'benefit of the bargain')
Social Security Administration
Pension Benefit Guaranty Corporation (PBGC)
Joint obligation
22. When a party unlawfully indicate that he will not perform when the performance is due.
Voluntarily proceeding
Anticipatory repudiation
Civil Law or Code Law
Foreign Sovereign Immunities Act
23. 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
Commencing a lawsuit
Misappropriation theory
Limited jurisdiction
Petit jury
24. 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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25. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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26. It is a pre-trial motion to take out certain matters
Condition subsequent
Satisfaction
Motion to strike
Demand assurance
27. A party's damage award will be reduced by any loss he did or could have avoided.
Age Discrimination in Employment Act (ADEA)
Material breach
Duty to mitigate
Motion to strike
28. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Specialized federal courts
Petit jury
Consequentialism
Precedent
29. 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
Production quotas
Duty to mitigate
Design defect
Section 10(b) and Rule 10b-5 of the Exchange Act
30. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Writ of certiorari
Accredited investor
National Labor Relations Board (NLRB)
Lanham Act
31. 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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32. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Involuntary proceeding
Content-neutral restrictions
Assignee
Federal Rules of Civil Procedures
33. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Lanham Act
Appellee or respondent
Public company
Discharge of contract
34. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Unconscionability
Specific performance
Mental incapacity
Duties that cannot be delegated
35. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Collective bargaining
Bona fide occupational qualification
Truth in Lending Act
Intended beneficiaries of government contract
36. Oversees the purchase and sale of securities
Federal Communications Commission
Securities and Exchange Commission
Exchange Act Regulations
'meeting of the minds'
37. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
'in pari delicto'
Organization for Economic Co-operation and Development (OECD)
Unemployment compensation laws
Section 701 of the Securities Act
38. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Substantive unconscionability
Writ of certiorari
Specialized federal courts
39. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Monopoly
Summons
Exclusive dealing agreement
Resource Conservation and Recovery Act
40. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Legal capacity
'de nuvo'
Section 7A of the Clayton Act
Federal Rules of Civil Procedures
41. 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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42. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
Original jurisdiction
Promisee's rights
Securities
43. 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.
'de nuvo'
Writ of habeas corpus
Specific performance
Creditor beneficiary
44. Treaties entered into between two nations
Bilateral treaties
Material breach
'de nuvo'
Employment law
45. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Civil Law or Code Law
The Social Security Administration
Specific performance
Performance
46. Rules of ethics that govern the practice of law and the conduct of lawyers
Section 12 (a)(1) of the Securities Act
Legal ethics
Strict liability
Writ of certiorari
47. 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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48. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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49. Treaties between two nations addressing investment concerns
Intended beneficiaries of government contract
Employee-at-will
Bilateral investment treaties
Counteroffer
50. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Rules of construction
Public company
Product liability
Federal question jurisdiction