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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. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Fair Debt Collection Act
Specific performance
Chapter 13 of the Code
Jurisdiction
2. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Bilateral contract
Counterclaims
Obligee
Section 10(b) and Rule 10b-5 of the Exchange Act
3. The person who is bringing the suit
Illusory promise
Parol Evidence Rule
Plaintiff
Hung jury
4. A party's damage award will be reduced by any loss he did or could have avoided.
Americans with Disabilities Act (ADA)
Duty to mitigate
Demurrer
Title VII of the Civil Rights Act of 1964
5. A contract that is made where two promises are outstanding.
'de nuvo'
Bilateral contract
Involuntary proceeding
Plaintiff
6. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Adhesion
Model Rules of Professional Conduct
Bona fide occupational qualification
Delegation
7. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Grand jury
Revocation
Defined benefit plans
Reliance damages
8. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Rule 147 of the Securities Act
Secured transaction
Shareholder primacy
Fair Debt Collection Act
9. 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
Regulation D of the Securities Act
Demand assurance
10-K
Uniform Laws
10. 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.
Defined benefit plans
Anticipatory repudiation
Export Administration Act (EAA)
A motion of summary judgement
11. The property that is the subject of a security interest
Deliberation
Contracts that prohibit assignment
Collateral
Securities Exchange Act of 1934
12. 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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13. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
The Environmental Quality Report
Executed exchange
Penalty
Appellee or respondent
14. A condition that cuts off a pre-existing duty
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Condition subsequent
Promise
Social Security Act
15. 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
Duress
Demand assurance
Injunction
Intended beneficiaries of government contract
16. If the promisor substantially performs under teh contract
Pension Benefit Guaranty Corporation (PBGC)
Partial or trivial breach
Export Administration Regulations (EAR)
Employment law
17. 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
Examples of Uniform Laws
Rules of interpretation of a contract by a court
Short swing profits
Foreclosure
18. 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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19. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Securities
'Mirror image' rule
Regulation D of the Securities Act
Clean Water Act
20. 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
Legal ethics
Delegation
Judgment n.o.v.
Commercial speech
21. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Concurrent conflict of interests
Environmental Protection Agency (EPA)
Horizontal agreement
Federal Insurance Contributions Act
22. 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
Exempt securities and transactions
Counterclaims
Implied terms
Parol Evidence Rule
23. 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
Civil liability
Concurrent conflict of interests
Security agreement
Contracts that prohibit assignment
24. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Involuntary proceeding
Equal Pay Act (EPA)
Trademark
Section 12 (a)(1) of the Securities Act
25. 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
Res ipsa loquitor
Resource Conservation and Recovery Act
Rule 505 of Regulation D of the Securities Act
Clean Air Act
26. 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
Taking a contract 'out of the Statute of Frauds'
Title VII of the Civil Rights Act of 1964
Strict liability
Federal Environmental Pesticide Control Act
27. It represents notice that a lawsuit has been filed against the defendant
Section 11 of the Securities Act
Summons
Charitable contributions
'Ffour corners'
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
Mistake
Bilateral treaties
Manufacturing defect
'clear and present'
29. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Informed consent
Gratuitous assignment
Section 10(b) and Rule 10b-5 of the Exchange Act
Product liability
30. Not discriminating against foreign product - thereby treating all products within their border equally
Diminution in value
Exempt securities and transactions
National Treatment
National Institute for Occupational Health
31. 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.
When an assignment becomes void
Motion of directed verdict or of dismissal
Strict liability
Gratuitous assignment
32. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Liquidated damages clause
Diminution in value
Original jurisdiction
Mental incapacity
33. 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.
Civil Law
Rational basis test
Employee-at-will
Implied terms
34. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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35. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Criminal Law
General jurisdiction
Diminution in value
Section 4 of the Securities Act
36. The difference between the value of the property as substantially complete and the value of the property upon full performance
Companies that are subject to the exchange act (Reporting companies)
Diminution in value
Original jurisdiction
Malpractice
37. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
National Institute for Occupational Health
Personal jurisdiction
Promise
Contract law
38. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Concurrent conflict of interests
Defined contribution plan
Rule 144 of the Securities Act
Criminal Trial
39. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Pleadings
Ordinances
Misrepresentation
Illusory promise
40. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Mortgage
Procedural unconscionability
Post-trial motions
41. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Reliance damages
Trust
Environmental Protection Agency
Prospectus
42. Discrimination based on race or sex
Title VII of the Civil Rights Act of 1964
Bilateral treaties
Consideration
Employment discrimination
43. A current report required by the Exchange Act
Charitable contributions
8-K
Section 7A of the Clayton Act
Gramm-Leach-Bliley Act
44. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Bilateral contract
Gift
Duties that cannot be delegated
Judicial review
45. 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
Trademark
Workers compensation laws
Diminution in value
Proxy
46. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Diversity jurisdiction
Model Rules of Professional Conduct
Implied contracts
Levels of courts
47. 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
Shareholder primacy
Federal Trade Commission
Statutory Seller
The Council on Environmental Quality
48. When a control makes a profit purchasing and selling her shares within a six-month period
Short swing profits
Title VII of the Civil Rights Act of 1964
Restitution
Collateral
49. A condition that must occur before a duty to perform arises
Equal Pay Act (EPA)
Condition precedent
Tie-in agreement
Informed consent
50. A company subject to the Exchange Act
Assignee
Personal jurisdiction
Consequentialism
Reporting company