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Test your basic knowledge |
CLEP Introductory Business Law
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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. 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.
Excuse of condition
Consequentialism
Rules of construction
Employee-at-will
2. An intent to deceive or defraud
Exchange Act Regulations
Scienter
Token consideration
Reliance
3. 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.
Equal Employment Opportunity Commission (EEOC)
Assignment of rights
Regulation D of the Securities Act
Original jurisdiction
4. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Clean Air Act
Diminution in value
General Agreement on Tariffs and Trades
Revocability
5. 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
Changed circumstances that allow a party to be excused from performance under the contract
Unemployment compensation laws
Clean Water Act
Administrative Procedure Act
6. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Occupational Safety and Health Administration (OSHA)
Liability based on intentional tort
Prospectus
Retraction
7. The right of both parties to gain information concerning the other party and her witnesses.
'Mailbox' rule
Mutual rescission
Discovery
Rule 12b (6) motion
8. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Clean Air Act
Limited jurisdiction
Pregnancy Discrimination ACt
Collective bargaining
9. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Unilateral rescission
Uniform Laws
National Treatment
Enabling acts
10. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
'Mailbox' rule
Legal detriment
Rule 505 of Regulation D of the Securities Act
Changed circumstances that allow a party to be excused from performance under the contract
11. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Employee-at-will
Bilateral Investment Treaty program
Motion of directed verdict or of dismissal
Supreme Court powers
12. 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 -
Employment law
Civil Law or Code Law
Employee Retirement Income Security Act (ERISA)
Assignment of rights
13. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Employment law
Social Security Act
Rules of interpretation of a contract by a court
Unconscionability
14. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Social entity or stakeholder theory of the corporation
Standing
Post-trial motions
Export Administration Regulations (EAR)
15. 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
United States Bankruptcy Code ('Code')
Inadequate warning defect`
Personal jurisdiction
Expertised portion
16. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Secured transaction
Rational basis test
Commercial speech
Rule 505 of Regulation D of the Securities Act
17. 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
Demand assurance
Automatic stay
Delegation
Accredited investor
18. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Expectation damages (also known as the 'benefit of the bargain')
Deontological
Shareholder primacy
Content-neutral restrictions
19. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Anticipatory repudiation
Novation
Restitution
20. The obligor does not need to provide consent - but does need to be given notice.
Changed circumstances that allow a party to be excused from performance under the contract
Judgment n.o.v.
Non-recoverable damages
Process of assignment
21. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Regulation A of the Securities Act
Expropriation
Indictment
Occupational Safety and Health Administration (OSHA)
22. 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
Priority of secured transactions
Regulation S of the Securities Act
'clear and present'
Delegation
23. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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24. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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25. One of the primary federal federal statutes
Securities Act
Civil liability
Reliance damages
Appellant
26. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Restatement (Second) of Contracts
Rule 147 of the Securities Act
Levels of courts
27. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Americans with Disabilities Act (ADA)
Civil Law
Expectation damages (also known as the 'benefit of the bargain')
Fair Labor Standards Act (FLSA)
28. It is an action to avoid unjust enrichment.
Restitution
Charitable contributions
Production quotas
Condition
29. 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
Vertical agreements
Concurrent conflict of interests
Section 4 of the Securities Act
Accord
30. The difference between the value of the property as substantially complete and the value of the property upon full performance
Restatement (Second) of Contracts
'Mailbox' rule
Diminution in value
Remediation
31. The agreement to create a security interest
Counterclaims
National Labor Relations Board (NLRB)
Promise
Security agreement
32. Offering made to purchase all or a portion of the shares of a specific company
Occupational Safety and Health Administration (OSHA)
Employee Retirement Income Security Act (ERISA)
Tender offers
Who is liable
33. Regulates air and water pollution as well as address problems associated with certain toxic substances
Expropriation
Environmental Protection Agency
Motion
Social Security Act
34. The creditor's security interest in real property
Breach
Trial court
Token consideration
Mortgage
35. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Affirm or disaffirm
Unilateral mistake
Short swing profits
Criminal Trial
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
Bureau of Customs and Border Protection
Employee Retirement Income Security Act (ERISA)
Defined contribution plan
Affirm or disaffirm
37. 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)
Tie-in agreement
Export Administration Regulations (EAR)
Securities Act Registration
Product liability
38. 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
When an assignment becomes void
Securities
Undue influence
Express contract
39. 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.
Section 12(a)(2)
Section 11 of the Securities Act
Substantial performance
Writ of habeas corpus
40. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Rule 147 of the Securities Act
Standing
Contracts that prohibit assignment
Sham consideration
41. Treaties between two nations addressing investment concerns
Occupational Safety and Health Act
Federal district court
Bilateral investment treaties
Federal Environmental Pesticide Control Act
42. The obligee who officially assigned over his rights
Content-neutral restrictions
Companies that are subject to the exchange act (Reporting companies)
Post-trial motions
Assignor
43. Claims that the defendant has against the plaintiff
Counterclaims
Federal district court
Bilateral treaties
Trial court
44. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Civil Law
Rules of construction
Hung jury
45. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Vertical agreements
Occupational Safety and Health Administration (OSHA)
Contract with intoxicated persons
Motion
46. 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
Clean Air Act
Promisor's rights (in relation to the beneficiary)
Legal detriment
Counteroffer
47. 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
Contract
Consumer protection
Prosecution
48. It is a promise stated in words - either oral or written.
Undue influence
Fraud
Deontological
Express contract
49. 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.
Material breach
Precedent
Diminution in value
Discharge of contract
50. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Misappropriation theory
Contract law
Jurisdiction
Unconscionability
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