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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. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Express contract
Federal Information Act
Verdict
Fair Credit Reporting Act
2. A supervening stature makes a contract illegal - and thereby makes performance impossible
Subject matter jurisdiction
Scienter
Supervening illegality
Offer
3. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Stare decisis
Employment discrimination
Vesting of beneficiary's rights
Clayton Act
4. 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
Social Security Administration
Toxic Substances Control Act
8-K
5. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Direct damages
'Infants' or 'minors'
Reporting company
Ordinances
6. 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.
Goods
Section 701 of the Securities Act
Sham consideration
Pre-existing duty
7. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
The Environmental Quality Report
Specialized federal courts
Material breach
Product liability
8. 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.
Lanham Act
Administrative law judges
Who is liable
Writ of certiorari
9. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Writ of certiorari
Termination of an invitation to make an offer
Age Discrimination in Employment Act (ADEA)
Post-trial motions
10. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Fair Debt Collection Act
Quasi-suspect classification
Donee beneficiary
Answer
11. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
Unilateral rescission
Equal protection
Toxic Substances Control Act
12. 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'
General jurisdiction
Collective bargaining
Bureau of Customs and Border Protection
Creditor beneficiary
13. The creditor's security interest in real property
Equal Employment Opportunity Commission (EEOC)
Regulation S of the Securities Act
Mortgage
Security agreement
14. A person who is not an intended beneficiary
Incidental beneficiary
Legal detriment
Age Discrimination in Employment Act (ADEA)
Mutual mistake
15. 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
Security interest
Rule 144 of the Securities Act
National Labor Relations Act
Automatic stay
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 -
Materiality
Mutual mistake
Federal circuit court of appeals and the federal court of appeals
Intended beneficiary
17. 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.
Federal Rules of Civil Procedures
Plaintiff
Performance
Liability based on intentional tort
18. 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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19. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Motion of directed verdict or of dismissal
Unilateral contract
Trust
Informed consent
20. Contracts that are formed for the intended benefit of some third party.
Section 10(b) and Rule 10b-5 of the Exchange Act
Third party beneficiary
Criminal Law
Post-trial motions
21. 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.
Third party beneficiary
Corporate social responsibility
Duties that cannot be delegated
Quasi-contract
22. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Effect of delegation
Scienter
Appellate jurisdiction
'Infants' or 'minors'
23. The documents that parties file in connection with their lawsuit
Pleadings
Federal Communications Commission
Affirm or disaffirm
Section 12 (a)(1) of the Securities Act
24. 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.
Unsecured creditor
Condition
Diversity jurisdiction
'due process'
25. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Section 4 of the Securities Act
Summons
Duties that cannot be delegated
26. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Workers compensation laws
Equal Employment Opportunity Commission (EEOC)
Civil liability
Securities Act Registration
27. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Expertised portion
Rational basis test
Restitution and rescission
Production quotas
28. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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29. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Mistake
Hung jury
Defenses against liability of misrepresentations or omissions
Subject matter jurisdiction
30. A pre-trial motion when the pleadings are vague or ambiguous.
Duties that cannot be delegated
Creditor
Motion for a more definitive statement
Gratuitous assignment
31. 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.
Res judicata
Misrepresentation
Toxic Substances Control Act
Vesting of beneficiary's rights
32. 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.
Inadequate warning defect`
Mutual assent
Beneficiary's rights
Uniform Laws
33. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Liability based on intentional tort
Strict liability
Federal district court
Burden of proof
34. 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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35. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Collective bargaining
Duties that cannot be delegated
Novation
Trust
36. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
'clear and present'
Misstatement or omission
Subjective intent
Occupational Safety and Health Act
37. 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
Termination of an invitation to make an offer
Regulation S of the Securities Act
Who is liable
Defined contribution plan
38. 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.
Automatic stay
Writ of habeas corpus
Occupational Safety and Health Administration (OSHA)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
39. Actual performance of an obligation
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Chapter 7 of the Code
Promise
Satisfaction
40. Torts and contracts... represents law that regulates the relationships between parties.
Assignee
Offer
Writ of certiorari
Civil Law
41. 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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42. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Counterclaims
Securities Exchange Act of 1934
Misappropriation theory
Rules of construction
43. 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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44. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Tie-in agreement
National Labor Relations Board (NLRB)
Petit jury
Automatic stay
45. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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46. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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47. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Securities Act
Precedent
Procedural unconscionability
Rules of construction
48. The first court to consider an action
Original jurisdiction
Rule of reason
Joint obligation
Export Administration Regulations (EAR)
49. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Appellant
National Labor Relations Board (NLRB)
Section 12(a)(2)
'Blue sky' laws
50. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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