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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. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Unilateral mistake
Reliance damages
Employee-at-will
Environmental Protection Agency
2. 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.'
Executed exchange
Counterclaims
Assignment of rights
Social Security Act
3. 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
Condition subsequent
Substitutes of consideration
Resource Conservation and Recovery Act
4. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Breach
Section 701 of the Securities Act
Intended beneficiary
Performance
5. Laws created by city councils or county boards - aimed at local matters
Civil Law or Code Law
Quasi-contract
Ordinances
Multilateral treaties
6. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Enabling acts
Writ of certiorari
Equal Pay Act (EPA)
Res judicata
7. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Chapter 7 of the Code
Breach
Companies that are subject to the exchange act (Reporting companies)
Duress
8. 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.
Lien
Unilateral contract
Equal Employment Opportunity Commission (EEOC)
Affirmative defenses
9. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Chapter 11 of the Code
Sherman Act
Fair Labor Standards Act (FLSA)
Contract
10. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Design defect
Control persons
Superfund
Objective standard
11. A trust formed to dominate an industry
Monopoly
Substitutes of consideration
Rule 505 of Regulation D of the Securities Act
Horizontal agreement
12. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Creditor
Content-neutral restrictions
Non-recoverable damages
Process of appealing a case through the three levels of court
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.
Option contract
Writ of habeas corpus
Misappropriation theory
Assignment of rights
14. 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.
Security interest
Corporate social responsibility
Misappropriation theory
Trial court
15. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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16. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Any statutory seller
Bargained-for-exchange
Mental incapacity
Quasi-contract
17. Regulates the handling of the pesticides being exported from and imported into the U.S.
'due process'
Federal Environmental Pesticide Control Act
The Family and Medical Leave Act
Revocability
18. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Fraud
Motion
Multilateral treaties
Demand assurance
19. 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
Burden of proof
When an assignment becomes void
Manufacturing defect
Contract law
20. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Scienter
Supreme Court powers
Consideration
Writ of certiorari
21. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Export Administration Act (EAA)
Collective bargaining
Parol Evidence Rule
Section 7A of the Clayton Act
22. 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
Mortgage
Civil Law
Undue influence
Monopoly
23. A quarterly report required by the Exchange Act
Material breach
Obligor
Design defect
10-Q
24. When both parties agree to rescind the contract
Statutory Seller
Direct damages
Mutual rescission
Unconscionability
25. This is when the appellate court send the case back to the lower court for a new trial.
Duties that cannot be delegated
Remand
Oral argument
Federal district court
26. 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.
Administrative law judges
Mutual mistake
Enabling acts
Partial or trivial breach
27. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Creditor beneficiary
Commercial speech
Administrative law judges
Penalty
28. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Federal question jurisdiction
Plaintiff
Deliberation
Prosecution
29. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Contract with intoxicated persons
Strict liability
Material breach
Quasi-suspect classification
30. The creditor's security interest in real property
Shareholder primacy
Federal Information Act
Mortgage
Regulation D of the Securities Act
31. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Personal jurisdiction
Rule 505 of Regulation D of the Securities Act
Changed circumstances that allow a party to be excused from performance under the contract
Materiality
32. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Rational basis test
Export Administration Regulations (EAR)
Trademark
'Past consideration'
33. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Collateral
Assignee's rights
Revocability
Executed exchange
34. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Rule 144 of the Securities Act
Proxy
Securities Act
Equal Employment Opportunity Commission (EEOC)
35. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Employment law
Rule 147 of the Securities Act
Objective standard
36. 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.
Model Rules of Professional Conduct
Bureau of Consumer Protection
Accredited investor
Gratuitous assignment
37. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
'meeting of the minds'
Judgment n.o.v.
Supreme Court powers
Collective bargaining
38. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Model Rules of Professional Conduct
Trust
Prospectus
Implied contract
39. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Hung jury
Bona fide occupational qualification
Examples of Uniform Laws
Sham consideration
40. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
National Labor Relations Board (NLRB)
Securities and Exchange Commission
Unemployment compensation laws
Materiality
41. A company subject to the Exchange Act
Price fixing
Reporting company
Suspect classification
Production quotas
42. One of the primary federal federal statutes
Securities Act
Legal capacity
Horizontal agreement
Equal protection
43. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Satisfaction
Answer
'meeting of the minds'
'Quid pro quo'
44. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Legal detriment
Exclusive dealing agreement
Intended beneficiaries of government contract
Economic waste
45. The creditor's right to take possession of the property is called foreclosure
Express contract
'Past consideration'
Bona fide occupational qualification
Foreclosure
46. Ethical behavior in terms of its consequences ('the end justifies the means')
Specific performance
Consequentialism
10-Q
Oral argument
47. A party's damage award will be reduced by any loss he did or could have avoided.
Negative causation
Duty to mitigate
Effect of delegation
Unconscionability
48. 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'
Short swing profits
Condition precedent
Creditor beneficiary
Misstatement or omission
49. The property that is the subject of a security interest
Lien
Collateral
Procedural unconscionability
Horizontal agreement
50. He has the enforceable right against the obligor because he is considered the real party interest.
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