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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 difference between the value of the property as substantially complete and the value of the property upon full performance
Scienter
Motion of directed verdict or of dismissal
Market division
Diminution in value
2. A person who is not an intended beneficiary
Incidental beneficiary
Employment discrimination
Attorney/client privilege
Rules of interpretation of a contract by a court
3. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Concurrent conflict of interests
Federal Trade Commission (FTC)
Resource Conservation and Recovery Act
Collective bargaining
4. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Vesting of beneficiary's rights
Gift
Specialized federal courts
National Institute for Occupational Health
5. Employers make payments to retired employees based on the length of their employment and the wages they received.
Domicile
Defined benefit plans
Materiality
10-Q
6. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Reliance damages
Third party beneficiary
Per se
7. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Verdict
Proxy
The Council on Environmental Quality
Obligor
8. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Implied contract
Securities Act Registration
Tender offers
9. 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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10. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Organization for Economic Co-operation and Development (OECD)
Token consideration
'Past consideration'
Expertised portion
11. 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.
Preponderance of evidence
Novation
Scienter
Beneficiary's rights
12. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Penalty
Equal Pay Act (EPA)
Secured transaction
13. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Subjective intent
Administrative Procedure Act
Examples of Uniform Laws
Demurrer
14. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Enabling acts
Employment law
Scienter
Clayton Act
15. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Rule 506 of Regulation D of the Securities Act
Promisor's rights (in relation to the beneficiary)
Environmental Protection Agency (EPA)
General jurisdiction
16. 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
'Definite and certain'
The Environmental Quality Report
Specialized federal courts
Legal capacity
17. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Gramm-Leach-Bliley Act
Equal Credit Opportunity Act
Material breach
Restitution and rescission
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. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Criminal Law
Performance
Charitable contributions
Bona fide occupational qualification
20. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Equity of redemption
Trial court
Substantive unconscionability
Administrative Procedure Act
21. Words or actions an individual may have intended - but did not communicate
Non-recoverable damages
Subjective intent
Excuse of condition
10-K
22. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
Occupational Safety and Health Administration (OSHA)
Content-neutral restrictions
Pretexting
23. One of the primary federal federal statutes
Securities Act
Fraud
Social Security Act
Model Rules of Professional Conduct
24. 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.
Negative causation
Assignor
Federal Insurance Contributions Act
Procedural unconscionability
25. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Priority of secured transactions
'due process'
Negative causation
'de nuvo'
26. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Foreclosure
Bona fide occupational qualification
Clean Air Act
Mutual assent
27. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
United States Bankruptcy Code ('Code')
Per se
Non-recoverable damages
Export Administration Regulations (EAR)
28. 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.
Procedural unconscionability
Model Rules of Professional Conduct
Discovery
Accord
29. A supervening stature makes a contract illegal - and thereby makes performance impossible
Demurrer
Performance
Supervening illegality
Judgment n.o.v.
30. Actions designed to permanently reduce the health and safety risk associated with the site.
Tender offers
Economic waste
Chapter 13 of the Code
Remediation
31. 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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32. 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
Section 12(a)(2)
Employee Retirement Income Security Act (ERISA)
Exchange Act Regulations
Expectation damages (also known as the 'benefit of the bargain')
33. The exchange of promises or an exchange of a promise for a performance.
Affirm or disaffirm
Anticipatory repudiation
Uniform Laws
Bargained-for-exchange
34. The property that is the subject of a security interest
Collateral
Superfund
Examples of Uniform Laws
Rule 12b (6) motion
35. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Contract law
Token consideration
Oral argument
Economic waste
36. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Clean Water Act
Examples of Uniform Laws
Foreign Corrupt Practices Act
Social Security Act
37. 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
Demand assurance
Stare decisis
Regulation A of the Securities Act
38. Defenses that would prevent the plaintiff from holding the defendant liable
Assignee
Criminal Trial
Pregnancy Discrimination ACt
Affirmative defenses
39. Prohibit discrimination based on pregnancy or childbirth
Res judicata
Pregnancy Discrimination ACt
National Labor Relations Board
Legal detriment
40. A misrepresentation made with knowledge of its inaccuracy
Process of appealing a case through the three levels of court
Diversity jurisdiction
Scienter
Social entity or stakeholder theory of the corporation
41. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Retraction
Occupational Safety and Health Act
Pretexting
42. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Equal protection
Statute of limitations
Clean Air Act
Rule 12b (6) motion
43. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Administrative law judges
Securities Act Registration
'Blue sky' laws
Unsecured creditor
44. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Judgment n.o.v.
Condition concurrent
Bureau of Customs and Border Protection
Lanham Act
45. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Section 10(b) and Rule 10b-5 of the Exchange Act
Foreign Corrupt Practices Act
Criminal Law
Expertised portion
46. 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).
Taking a contract 'out of the Statute of Frauds'
National Treatment
Complete or total integration
Product liability
47. Ethical behavior in terms of its consequences ('the end justifies the means')
Malpractice
Limited jurisdiction
Consequentialism
Donee beneficiary
48. The creditor's security interest in real property
Exempt securities and transactions
Deliberation
Monopoly
Mortgage
49. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Bona fide occupational qualification
Creditor
Attachment
Judgment n.o.v.
50. This is when the appellate court send the case back to the lower court for a new trial.
Remand
'Mirror image' rule
Defendant
Social entity or stakeholder theory of the corporation