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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 promisor's failure to perform in accordance with the terms of the contract
Supreme Court powers
Federal Information Act
National Labor Relations Board
Breach
2. 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
Promisee's rights
Exchange Act Regulations
Criminal Law
Rules of construction
3. 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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4. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Multilateral treaties
'Blue sky' laws
Utilitarianism
'Quid pro quo'
5. Oversees implementation of this benefit program of the Social Security Act
Pretexting
Unemployment compensation laws
Social Security Administration
Taking a contract 'out of the Statute of Frauds'
6. The person who is bringing the suit
'Infants' or 'minors'
Employee Retirement Income Security Act (ERISA)
'Quid pro quo'
Plaintiff
7. The documents that parties file in connection with their lawsuit
Public company
Anticipatory repudiation
Pleadings
Foreclosure
8. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Personal jurisdiction
Employee-at-will
Sham consideration
Contract law
9. They represent the amount of money a party has spent in justifiable reliance on a contract.
Civil Law
Unilateral contract
Objective standard
Reliance damages
10. Misrepresentation that was made with intent
Employee Retirement Income Security Act (ERISA)
Direct damages
Burden of proof
Fraud
11. 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
Resource Conservation and Recovery Act
'meeting of the minds'
Horizontal agreement
Implied contract
12. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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13. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Federal Information Act
Commencing a lawsuit
Collateral
Mutual mistake
14. Place of permanent residence
Domicile
Res judicata
Section 12 (a)(1) of the Securities Act
Security interest
15. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Affirm or disaffirm
Penalty
Bilateral Investment Treaty program
Delegation
16. Prevents discrimination against employees who are 40years old or more
Tender offers
Defined benefit plans
'Blue sky' laws
Age Discrimination in Employment Act (ADEA)
17. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Priority of secured transactions
'de nuvo'
Mutual mistake
Liquidated damages clause
18. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Other constituency statutes
Rule 12b (6) motion
'Definite and certain'
Supreme Court powers
19. Actual performance of an obligation
Commercial speech
Securities and Exchange Commission
Pleadings
Satisfaction
20. 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.
Other constituency statutes
Federal Insurance Contributions Act
Judicial review
Supreme Court powers
21. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Securities
Prosecution
Foreign Sovereign Immunities Act
Pregnancy Discrimination ACt
22. Punitive damage - non-economic damages - and attorneys' fees
Domicile
Non-recoverable damages
Statute of limitations
Strict liability
23. A promise that is inferred from a person's conduct or the circumstances of the transaction
Group boycotts
Implied contract
Expertised portion
Administrative Procedure Act
24. The Constitution makes treaties the 'supreme law of the land'
Standing
Group boycotts
Pregnancy Discrimination ACt
Treaties authority
25. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Section 4 of the Securities Act
Appellee or respondent
Liquidated damages clause
Grand jury
26. 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
Rule 506 of Regulation D of the Securities Act
Consequential damages
Criminal Trial
Federal Trade Commission (FTC)
27. 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
Consideration
Market division
Equal Credit Opportunity Act
28. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Federal Rules of Civil Procedures
Undue influence
Occupational Safety and Health Administration (OSHA)
Affirmative defenses
29. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Statute of limitations
The Family and Medical Leave Act
Regulation S of the Securities Act
Implied terms
30. Regulates radio - television - and other forms of interstate communications
Federal Communications Commission
Rule 147 of the Securities Act
Retraction
'de nuvo'
31. 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
Specific performance
Partial or trivial breach
Civil Law
32. The agreement to create a security interest
Security agreement
Malpractice
Specific performance
Jurisdiction
33. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Uniform Laws
Contract law
Exclusive dealing agreement
Beneficiary's rights
34. When the debtor voluntarily initiates the bankruptcy proceedings
Treaties authority
Superfund
Voluntarily proceeding
Standing
35. 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.
Sham consideration
Supervening illegality
Vertical agreements
The Family and Medical Leave Act
36. 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.
Misappropriation theory
Grand jury
Goods
Deontological
37. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Occupational Safety and Health Act
'Mirror image' rule
Clayton Act
Accord
38. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
The Council on Environmental Quality
National Treatment
Federal Communications Commission
Answer
39. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Clean Water Act
Horizontal agreement
Condition subsequent
Counterclaims
40. Treaties entered into between two nations
Attorney/client privilege
Bilateral treaties
Age Discrimination in Employment Act (ADEA)
Uniform Laws
41. A condition that occurs at the same time as performance
Regulation D of the Securities Act
'in pari delicto'
Condition concurrent
Oral argument
42. When the jury retires to a separate room to decide the outcome of the case.
Appellant
Deliberation
'Definite and certain'
Employee-at-will
43. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Gift
Federal question jurisdiction
Environmental Protection Agency
Specialized federal courts
44. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Prosecution
Discharge of contract
Trial court
Commercial speech
45. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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46. 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)
Employment law
Federal Information Act
Group boycotts
Occupational Safety and Health Administration (OSHA)
47. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Price fixing
Vesting of beneficiary's rights
Bureau of Consumer Protection
Securities and Exchange Commission
48. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Price fixing
Bilateral Investment Treaty program
Duties that cannot be delegated
Token consideration
49. 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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50. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Section 701 of the Securities Act
Regulation D of the Securities Act
Private placement