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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. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Investment contracts
Federal Communications Commission
Involuntary proceeding
2. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Employee-at-will
Age Discrimination in Employment Act (ADEA)
Bargained-for-exchange
Changed circumstances that allow a party to be excused from performance under the contract
3. 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
Unilateral rescission
Civil liability
Revocation
Exchange Act Regulations
4. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Condition
Discovery
'de nuvo'
Strict liability
5. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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6. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
10-Q
When an assignment becomes void
Legal capacity
Defined contribution plan
7. The documents that parties file in connection with their lawsuit
Pleadings
Regulation A of the Securities Act
Condition
Rule 12b (6) motion
8. 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
'Takings'
Pretexting
Promise
Environmental Protection Agency (EPA)
9. The person to whom the right is assigned
Personal jurisdiction
Assignee
The Statute of Frauds
Pretexting
10. 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.
Mental incapacity
A motion of summary judgement
Perfected
Section 12 (a)(1) of the Securities Act
11. Agreements between competitors to set particular prices for their products (a horizontal agreement)
National Environmental Policy Act (NEPA)
Supreme Court powers
Price fixing
National Labor Relations Board
12. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Section 12(a)(2)
Motion
Unconscionability
Environmental Protection Agency
13. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Occupational Safety and Health Act
Criminal Trial
Administrative Procedure Act
Securities and Exchange Commission
14. 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
Procedural unconscionability
Complete or total integration
Priority of secured transactions
The Family and Medical Leave Act
15. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
The Family and Medical Leave Act
Liability based on intentional tort
Exchange Act Regulations
Incidental beneficiary
16. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Federal Trade Commission
Export Administration Act (EAA)
Creditor beneficiary
Clean Water Act
17. Defenses that would prevent the plaintiff from holding the defendant liable
Expectation damages (also known as the 'benefit of the bargain')
Effect of delegation
Affirmative defenses
Gramm-Leach-Bliley Act
18. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Diversity jurisdiction
Short swing profits
Discovery
Specialized federal courts
19. Discrimination based on race or sex
Employment discrimination
Civil Law
Model Rules of Professional Conduct
Informed consent
20. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Performance
Unilateral rescission
Legal ethics
Preponderance of evidence
21. Automatic violations of the Sherman Act
Per se
Changed circumstances that allow a party to be excused from performance under the contract
Rules of construction
Preponderance of evidence
22. 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
Sherman Act
Informed consent
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Affirm or disaffirm
23. 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
Indictment
Rule 147 of the Securities Act
Res ipsa loquitor
Involuntary proceeding
24. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Employment discrimination
Civil Law or Code Law
Quasi-contract
Procedural unconscionability
25. Contracts that are formed for the intended benefit of some third party.
Truth in Lending Act
Direct damages
Third party beneficiary
Intended beneficiaries of government contract
26. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Condition subsequent
Revocability
Termination of an invitation to make an offer
Multilateral treaties
27. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
'Definite and certain'
Suspect classification
Federal Rules of Civil Procedures
Sham consideration
28. When both parties agree to rescind the contract
Mutual rescission
Substitutes of consideration
Exclusive distributor agreements
Section 5 of the Securities Act
29. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Contract
The Council on Environmental Quality
Material breach
Judgment n.o.v.
30. 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
Manufacturing defect
Defined benefit plans
Shareholder primacy
Unilateral mistake
31. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Performance
Truth in Lending Act
Mutual mistake
Obligee
32. The right to hold a security interest on a debtor's property.
Lien
Production quotas
Control persons
Federal Trade Commission (FTC)
33. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Voluntarily proceeding
Restitution and rescission
Collective bargaining
Mortgage
34. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Bilateral contract
Federal Information Act
Malpractice
Express contract
35. It is a promise stated in words - either oral or written.
Contract law
Commencing a lawsuit
Chapter 7 of the Code
Express contract
36. 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
Liquidated damages clause
Multilateral treaties
Federal Communications Commission
37. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Demurrer
Retraction
Utilitarianism
Expertised portion
38. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Summons
Gramm-Leach-Bliley Act
Secured transaction
Appellee or respondent
39. Claims that the defendant has against the plaintiff
Export Administration Regulations (EAR)
Executed exchange
Counterclaims
Pregnancy Discrimination ACt
40. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Petit jury
Rule 506 of Regulation D of the Securities Act
Partial or trivial breach
41. 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
Charitable contributions
Discharge of contract
Equity of redemption
Administrative law judges
42. A creditor that does not have a security interest in any of the debtor's property or assets.
Novation
8-K
Deontological
Unsecured creditor
43. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Fraud
Negative causation
Contracts that prohibit assignment
Appellate jurisdiction
44. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Social entity or stakeholder theory of the corporation
Lanham Act
Limited jurisdiction
45. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Deontological
Mistake
Demand assurance
Employment law
46. Oversees the purchase and sale of securities
Securities and Exchange Commission
Creditor beneficiary
'Blue sky' laws
Defined contribution plan
47. 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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48. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Rule 505 of Regulation D of the Securities Act
Administrative Procedure Act
Unsecured creditor
Reliance damages
49. 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.'
Taking a contract 'out of the Statute of Frauds'
Misappropriation theory
Pregnancy Discrimination ACt
Offer
50. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
General Agreement on Tariffs and Trades
Exchange Act Regulations
Consequentialism
Charitable contributions