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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 party that won in the previous court trial - but the other party is appealing the decision.
Clean Air Act
Appellee or respondent
Contract
Foreign Sovereign Immunities Act
2. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Retraction
Res judicata
Uniform Laws
Civil liability
3. 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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4. A distinct mark or symbol that identifies a business and its products
Superfund
Contract law
Trademark
10-Q
5. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Horizontal agreement
Mistake
National Institute for Occupational Health
Tie-in agreement
6. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Collective bargaining
Statutory Seller
Bilateral investment treaties
Deliberation
7. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Affirm or disaffirm
Workers compensation laws
Market division
Fair Credit Reporting Act
8. A person who is not an intended beneficiary
Proxy
Security interest
National Environmental Policy Act (NEPA)
Incidental beneficiary
9. A company subject to the Exchange Act
Liquidated damages clause
Reporting company
Companies that are subject to the exchange act (Reporting companies)
Environmental Protection Agency (EPA)
10. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Verdict
Rules of construction
Partial or trivial breach
Duties that cannot be delegated
11. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Petit jury
Market division
Environmental Protection Agency
12. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
The Statute of Frauds
Bureau of Consumer Protection
Gift
Social Security Act
13. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Injunction
Direct damages
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Stare decisis
14. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Consideration
Social entity or stakeholder theory of the corporation
Social Security Act
Rule of reason
15. 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.
Foreign Corrupt Practices Act
Token consideration
Criminal Law
Obligor's rights
16. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Federal Rules of Civil Procedures
Clean Water Act
Pre-existing duty
Restatement (Second) of Contracts
17. It is an action to avoid unjust enrichment.
Deontological
Restitution
Oral argument
Equal Employment Opportunity Commission (EEOC)
18. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Federal Insurance Contributions Act
Attorney/client privilege
Injunction
Scienter
19. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
'de nuvo'
A motion of summary judgement
'Past consideration'
20. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Model Rules of Professional Conduct
Price fixing
Condition concurrent
21. The obligor does not need to provide consent - but does need to be given notice.
Discharge of contract
Statutory Seller
Res ipsa loquitor
Process of assignment
22. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Promise
Equity of redemption
'Takings'
Securities Act Registration
23. 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
The Environmental Quality Report
Securities Act Registration
Consequentialism
National Labor Relations Act
24. Actions designed to permanently reduce the health and safety risk associated with the site.
National Labor Relations Board (NLRB)
National Institute for Occupational Health
Bargained-for-exchange
Remediation
25. 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.
Contract law
Horizontal agreement
Automatic stay
Writ of habeas corpus
26. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
'Infants' or 'minors'
Rule of reason
Utilitarianism
27. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Restitution and rescission
Excuse of condition
Parol Evidence Rule
Intended beneficiaries of government contract
28. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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29. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Common Law
Illusory promise
Duress
Accord
30. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
A motion of summary judgement
Voluntarily proceeding
Administrative law judges
Export Administration Regulations (EAR)
31. An exemption for certain small offerings
Chapter 11 of the Code
Regulation A of the Securities Act
Liquidated damages clause
Expertised portion
32. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Creditor beneficiary
Model Rules of Professional Conduct
Promise
Clayton Act
33. 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
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Rule 12b (6) motion
Environmental Protection Agency
Security agreement
34. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Exclusive distributor agreements
Consequential damages
Partial or trivial breach
35. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Material breach
The Statute of Frauds
Prosecution
Remand
36. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Vesting of beneficiary's rights
Restitution and rescission
Quasi-contract
Pleadings
37. A pre-trial motion when the pleadings are vague or ambiguous.
Motion for a more definitive statement
Taking a contract 'out of the Statute of Frauds'
Assignment of rights
Parol Evidence Rule
38. He has the enforceable right against the obligor because he is considered the real party interest.
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39. 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
Token consideration
Companies that are subject to the exchange act (Reporting companies)
Title VII of the Civil Rights Act of 1964
Proxy
40. When the creditor initiates the proceedings.
Environmental Protection Agency
Standing
Strict liability
Involuntary proceeding
41. The property that is the subject of a security interest
Collateral
Appellate jurisdiction
Foreign Sovereign Immunities Act
Reliance damages
42. 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
Regulation D of the Securities Act
Commercial speech
Motion of directed verdict or of dismissal
Appellate jurisdiction
43. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Reporting company
The Family and Medical Leave Act
Chapter 11 of the Code
Excuse of condition
44. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
General Agreement on Tariffs and Trades
Revocation
Strict liability
10-K
45. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Appellant
Lanham Act
Civil Law or Code Law
Private placement
46. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Materiality
Deliberation
Unemployment compensation laws
Judicial review
47. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
Legal capacity
National Ambient Air Quality Standards
Occupational Safety and Health Act
48. 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
Undue influence
Obligor
Termination of an invitation to make an offer
49. A condition that must occur before a duty to perform arises
'Infants' or 'minors'
Condition precedent
The Statute of Frauds
'clear and present'
50. Torts and contracts... represents law that regulates the relationships between parties.
'Mirror image' rule
General jurisdiction
Civil Law
Effect of delegation