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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 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.
Condition
Federal circuit court of appeals and the federal court of appeals
Misappropriation theory
Vesting of beneficiary's rights
2. 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
Incidental beneficiary
Fraud
Expertised portion
Price fixing
3. 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
Priority of secured transactions
The Statute of Frauds
Foreclosure
Quasi-contract
4. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Multilateral treaties
Writ of certiorari
'de nuvo'
Breach
5. It regulates chemical substances
Defined benefit plans
Toxic Substances Control Act
Implied terms
Substitutes of consideration
6. Laws created by city councils or county boards - aimed at local matters
Short swing profits
Implied terms
Ordinances
Environmental Protection Agency
7. He has the enforceable right against the obligor because he is considered the real party interest.
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8. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Common Law
Burden of proof
Restatement (Second) of Contracts
Priority of secured transactions
9. Offering made to purchase all or a portion of the shares of a specific company
Market division
Bilateral investment treaties
Tender offers
Expertised portion
10. 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.
'Mirror image' rule
Hung jury
Rational basis test
Clean Air Act
11. The agreement to create a security interest
Negative causation
Bilateral investment treaties
Security agreement
Non-recoverable damages
12. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Trademark
Chapter 13 of the Code
'Mirror image' rule
Petit jury
13. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
'meeting of the minds'
Employment law
'Definite and certain'
Defined benefit plans
14. A condition that cuts off a pre-existing duty
Condition subsequent
Employee-at-will
Statute of limitations
Securities and Exchange Commission
15. 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.
Expertised portion
Writ of habeas corpus
Regulation D of the Securities Act
Promise
16. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Ordinances
Superfund
Companies that are subject to the exchange act (Reporting companies)
Verdict
17. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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18. 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
'meeting of the minds'
Rules of construction
Attachment
19. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Equal protection
Americans with Disabilities Act (ADA)
Federal Trade Commission (FTC)
Performance
20. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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21. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Injunction
'Infants' or 'minors'
Assignment of rights
Post-trial motions
22. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Negative causation
Securities and Exchange Commission
Jurisdiction
Limited jurisdiction
23. Contracts that are formed for the intended benefit of some third party.
Penalty
Third party beneficiary
Group boycotts
Plaintiff
24. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Penalty
Subject matter jurisdiction
Substantial performance
25. 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
Rules of interpretation of a contract by a court
Satisfaction
Clayton Act
'due process'
26. 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.
Attachment
Equal Employment Opportunity Commission (EEOC)
Levels of courts
Non-recoverable damages
27. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Horizontal agreement
Hung jury
Lanham Act
Pre-existing duty
28. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Discharge of contract
Equal protection
Bilateral treaties
Illusory promise
29. A quarterly report required by the Exchange Act
10-Q
Civil liability
Vertical agreements
Negative causation
30. 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
Workers compensation laws
Promise
Product liability
Federal Trade Commission
31. Legally recognized injury
Discharge of contract
Injury-in-fact
Strict liability
'clear and present'
32. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Attachment
Gratuitous assignment
Subjective intent
Personal jurisdiction
33. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Bargained-for-exchange
Jurisdiction
Contract law
Defendant
34. 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'
Motion
Implied terms
Duress
Bilateral investment treaties
35. A creditor that does not have a security interest in any of the debtor's property or assets.
'Quid pro quo'
Unsecured creditor
Discharge of contract
Examples of Uniform Laws
36. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Restitution
Fair Credit Reporting Act
Complete or total integration
37. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Condition subsequent
'due process'
Post-trial motions
38. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Manufacturing defect
Bureau of Customs and Border Protection
Excuse of condition
Accord
39. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Mutual rescission
Rule 505 of Regulation D of the Securities Act
National Institute for Occupational Health
Appellant
40. Claims that the defendant has against the plaintiff
Ordinances
Process of assignment
Legal ethics
Counterclaims
41. The difference between the value of the property as substantially complete and the value of the property upon full performance
Gratuitous assignment
Misappropriation theory
Voluntarily proceeding
Diminution in value
42. 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
Age Discrimination in Employment Act (ADEA)
Vertical agreements
Res ipsa loquitor
Mistake
43. 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
'Ffour corners'
Illusory promise
Unilateral rescission
44. 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
Satisfaction
Appellate jurisdiction
Intended beneficiary
Statutory Seller
45. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Rule of reason
Defendant
Concurrent conflict of interests
Regulation D of the Securities Act
46. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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47. Place of permanent residence
Market division
Domicile
Mistake
Securities and Exchange Commission
48. The written set of charges against the defendant - which is presented to a grand jury.
Bilateral contract
Contract law
Summons
Indictment
49. Treaties between two nations addressing investment concerns
National Treatment
Exclusive dealing agreement
Restitution
Bilateral investment treaties
50. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Design defect
Foreclosure
Section 10(b) and Rule 10b-5 of the Exchange Act
Preponderance of evidence