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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. 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'
Gratuitous assignment
Implied terms
Retraction
Offer
2. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Federal circuit court of appeals and the federal court of appeals
Investment contracts
Companies that are subject to the exchange act (Reporting companies)
Effect of delegation
3. 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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4. 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
Restitution
Appellate jurisdiction
General Agreement on Tariffs and Trades
Motion for a more definitive statement
5. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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6. 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
Resource Conservation and Recovery Act
Defined contribution plan
Mutual mistake
Motion of directed verdict or of dismissal
7. 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.
Federal Insurance Contributions Act
Mortgage
Commercial speech
Duties that cannot be delegated
8. When a control makes a profit purchasing and selling her shares within a six-month period
Rule 504 of Regulation D of the Securities Act
Employee-at-will
Short swing profits
National Ambient Air Quality Standards
9. Claims that the defendant has against the plaintiff
Federal Information Act
Counterclaims
Assignor
Promisee's rights
10. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Unilateral rescission
Subject matter jurisdiction
Unconscionability
Rule of reason
11. The obligation to establish his claims first
Burden of proof
Implied terms
Civil Law or Code Law
Chapter 13 of the Code
12. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Obligor
Equal Pay Act (EPA)
Deontological
Option contract
13. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Beneficiary's rights
Performance
Obligor
General jurisdiction
14. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Penalty
Secured transaction
Undue influence
Strict liability
15. 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
Title VII of the Civil Rights Act of 1964
General Agreement on Tariffs and Trades
Corporate social responsibility
Expertised portion
16. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Goods
Taking a contract 'out of the Statute of Frauds'
Resource Conservation and Recovery Act
Bureau of Customs and Border Protection
17. The Constitution makes treaties the 'supreme law of the land'
Promisee's rights
Treaties authority
Undue influence
Foreign Corrupt Practices Act
18. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Writ of certiorari
Petit jury
Deontological
Private placement
19. 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
Restitution and rescission
Motion of directed verdict or of dismissal
Standing
Occupational Safety and Health Administration (OSHA)
20. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Subjective intent
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Joint obligation
Appellant
21. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Promise
Federal Insurance Contributions Act
Superfund
22. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Diminution in value
Model Rules of Professional Conduct
Informed consent
Chapter 13 of the Code
23. Regulates air and water pollution as well as address problems associated with certain toxic substances
Delegation
Environmental Protection Agency
Unilateral contract
Section 5 of the Securities Act
24. Regulates trusts and monopolies
Deliberation
Federal Trade Commission
Companies that are subject to the exchange act (Reporting companies)
Securities and Exchange Commission
25. 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.
A motion of summary judgement
Diversity jurisdiction
Federal Environmental Pesticide Control Act
Condition concurrent
26. 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
Concurrent conflict of interests
Verdict
Post-trial motions
Control persons
27. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Personal jurisdiction
Scienter
Securities
Prosecution
28. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Process of appealing a case through the three levels of court
Hung jury
Expropriation
Informed consent
29. A current report required by the Exchange Act
Multilateral treaties
8-K
Expropriation
Export Administration Regulations (EAR)
30. 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.
Creditor beneficiary
Unilateral mistake
Manufacturing defect
Token consideration
31. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Enabling acts
Levels of courts
Liability based on intentional tort
Informed consent
32. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Title VII of the Civil Rights Act of 1964
Fair Credit Reporting Act
Illusory promise
Attorney/client privilege
33. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Substitutes of consideration
Social entity or stakeholder theory of the corporation
Burden of proof
Production quotas
34. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Secured transaction
Token consideration
General Agreement on Tariffs and Trades
Hung jury
35. 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.
Motion for a more definitive statement
Federal circuit court of appeals and the federal court of appeals
Rule 147 of the Securities Act
Donee beneficiary
36. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Vertical agreements
Delegation
Liability based on intentional tort
Strict liability
37. 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
Uniform Laws
Consumer protection
Regulation D of the Securities Act
The Statute of Frauds
38. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Post-trial motions
Exclusive dealing agreement
Civil liability
Direct damages
39. The difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Assignment of rights
Inadequate warning defect`
Motion of directed verdict or of dismissal
40. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Content-neutral restrictions
Total breach
The Statute of Frauds
National Institute for Occupational Health
41. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
National Environmental Policy Act (NEPA)
Changed circumstances that allow a party to be excused from performance under the contract
Creditor
Defined benefit plans
42. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Intended beneficiaries of government contract
Goods
Civil Law
Horizontal agreement
43. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Vesting of beneficiary's rights
Gift
Pre-existing duty
Vertical agreements
44. 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.
Satisfaction
Americans with Disabilities Act (ADA)
Incidental beneficiary
Option contract
45. It is a promise stated in words - either oral or written.
Express contract
Criminal Trial
Criminal Law
Expropriation
46. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Performance
Market division
Superfund
Section 4 of the Securities Act
47. 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
Monopoly
Administrative Procedure Act
Treaties authority
Demand assurance
48. 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
'Takings'
Rules of construction
Securities Act
Intended beneficiaries of government contract
49. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Horizontal agreement
Regulation A of the Securities Act
Production quotas
Sherman Act
50. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Defendant
Inadequate warning defect`
Liquidated damages clause
The Environmental Quality Report