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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. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Section 5 of the Securities Act
National Labor Relations Board (NLRB)
'Mailbox' rule
Res ipsa loquitor
2. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Post-trial motions
Manufacturing defect
Defendant
Obligor
3. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Restitution and rescission
Unsecured creditor
The Family and Medical Leave Act
4. 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
Attachment
Appellee or respondent
Foreclosure
5. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Diminution in value
Truth in Lending Act
10-K
Malpractice
6. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Strict liability
Counteroffer
Quasi-contract
Control persons
7. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
United States Bankruptcy Code ('Code')
Charitable contributions
Counterclaims
Workers compensation laws
8. 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
'Takings'
Environmental Protection Agency
Attachment
9. Manages the nation's social security system
Defined contribution plan
The Social Security Administration
Effect of delegation
Defenses against liability of misrepresentations or omissions
10. 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
Securities and Exchange Commission
Secured transaction
Environmental Protection Agency (EPA)
Affirm or disaffirm
11. 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
Termination of an invitation to make an offer
Effect of delegation
Rule 12b (6) motion
Obligee
12. 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.
Trademark
Export Administration Act (EAA)
Substantial performance
Material breach
13. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Federal circuit court of appeals and the federal court of appeals
National Labor Relations Board
Employment discrimination
Injunction
14. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Novation
Fair Credit Reporting Act
Obligor's rights
Condition precedent
15. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
'Definite and certain'
Duty to mitigate
Federal Information Act
Export Administration Regulations (EAR)
16. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
The Statute of Frauds
Chapter 11 of the Code
Superfund
Expropriation
17. 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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18. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Companies that are subject to the exchange act (Reporting companies)
Title VII of the Civil Rights Act of 1964
Condition concurrent
Writ of habeas corpus
19. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Criminal Trial
Token consideration
Donee beneficiary
20. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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21. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
The Social Security Administration
Judgment n.o.v.
Preponderance of evidence
22. It is an action to avoid unjust enrichment.
Restitution
Prospectus
Pension Benefit Guaranty Corporation (PBGC)
Employee-at-will
23. 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)
Group boycotts
Examples of Uniform Laws
Superfund
Federal Trade Commission
24. 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
The Environmental Quality Report
Resource Conservation and Recovery Act
Trademark
Standing
25. 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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26. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Motion of directed verdict or of dismissal
Export Administration Act (EAA)
Clayton Act
Collateral
27. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Age Discrimination in Employment Act (ADEA)
Original jurisdiction
Section 12 (a)(1) of the Securities Act
Bilateral Investment Treaty program
28. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Section 12 (a)(1) of the Securities Act
Grand jury
Mistake
Condition concurrent
29. 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 -
Specific performance
Intended beneficiary
Post-trial motions
Offer
30. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Product liability
Creditor
Vesting of beneficiary's rights
Equal Pay Act (EPA)
31. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Beneficiary's rights
Personal jurisdiction
Gramm-Leach-Bliley Act
Commercial speech
32. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Monopoly
Civil Law
Diminution in value
Equal protection
33. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Delegation
Discovery
Rule 505 of Regulation D of the Securities Act
Automatic stay
34. When there is no bargained-for exchange - because there is no exchange.
Federal district court
Gift
Rule of reason
'Blue sky' laws
35. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Affirm or disaffirm
Content-neutral restrictions
Equal Pay Act (EPA)
Substantive unconscionability
36. 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
Taking a contract 'out of the Statute of Frauds'
Tie-in agreement
Employee Retirement Income Security Act (ERISA)
Affirm or disaffirm
37. It represents a request for the court to take some action. A motion can be filed by a defendant.
Process of assignment
Gratuitous assignment
Motion
Monopoly
38. 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.
Token consideration
Injury-in-fact
Rule 12b (6) motion
Social entity or stakeholder theory of the corporation
39. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
National Treatment
Bureau of Consumer Protection
Remediation
Implied terms
40. 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.
Bargained-for-exchange
Petit jury
Affirmative defenses
Misstatement or omission
41. Directors - certain officers - and owners
Pregnancy Discrimination ACt
Control persons
Intended beneficiaries of government contract
Quasi-contract
42. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
'Past consideration'
Appellant
Offer
Taking a contract 'out of the Statute of Frauds'
43. 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.
10-K
Employee-at-will
Intended beneficiaries of government contract
Taking a contract 'out of the Statute of Frauds'
44. 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
Implied contracts
Affirm or disaffirm
Counterclaims
Clean Air Act
45. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Priority of secured transactions
Option contract
Substitutes of consideration
Clean Water Act
46. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Unemployment compensation laws
Counteroffer
Tie-in agreement
Condition precedent
47. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Rules of interpretation of a contract by a court
Res ipsa loquitor
Third party beneficiary
Substantial performance
48. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Manufacturing defect
Uniform Commercial Code ('UCC')
Defined benefit plans
Misappropriation theory
49. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Chapter 11 of the Code
'Ffour corners'
Priority of secured transactions
Motion for a more definitive statement
50. Place of permanent residence
Foreign Sovereign Immunities Act
Mutual mistake
Export Administration Act (EAA)
Domicile