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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. Regulates trusts and monopolies
Pretexting
General Agreement on Tariffs and Trades
Per se
Federal Trade Commission
2. The obligor does not need to provide consent - but does need to be given notice.
Process of assignment
Supreme Court powers
Oral argument
Accredited investor
3. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
'Blue sky' laws
Novation
Misrepresentation
Appellant
4. 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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5. 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
National Labor Relations Act
Unilateral mistake
Condition concurrent
Rules of construction
6. 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.'
Delegation
Involuntary proceeding
Accord
Assignment of rights
7. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Foreign Corrupt Practices Act
Attorney/client privilege
The Council on Environmental Quality
Contract
8. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
Creditor beneficiary
National Treatment
Exchange Act Regulations
9. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Parol Evidence Rule
Attorney/client privilege
Federal Trade Commission (FTC)
Uniform Commercial Code ('UCC')
10. 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
Revocation
Misappropriation theory
Equal Credit Opportunity Act
Joint obligation
11. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Utilitarianism
Proxy
Gratuitous assignment
Unilateral contract
12. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
United States Bankruptcy Code ('Code')
Mistake
Revocation
13. When there is no bargained-for exchange - because there is no exchange.
Gift
Diminution in value
Federal Insurance Contributions Act
Obligee
14. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
National Labor Relations Board (NLRB)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Occupational Safety and Health Act
15. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
The Statute of Frauds
Nonexpertized portions
Breach
Enabling acts
16. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Exclusive distributor agreements
National Labor Relations Board
Automatic stay
Plaintiff
17. An exemption for offerings that occur primarily within one state.
Judgment n.o.v.
Bargained-for-exchange
Rule 147 of the Securities Act
Defendant
18. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Quasi-suspect classification
Equal Credit Opportunity Act
When an assignment becomes void
Employment law
19. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
National Treatment
Sherman Act
Strict liability
Contract law
20. Treaties entered into between two nations
Public company
Unjust enrichment
Malpractice
Bilateral treaties
21. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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22. The agreement to create a security interest
Process of assignment
Companies that are subject to the exchange act (Reporting companies)
Security agreement
Unjust enrichment
23. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Specific performance
Accredited investor
Verdict
Retraction
24. A condition that cuts off a pre-existing duty
Rule 12b (6) motion
8-K
Condition subsequent
Bureau of Consumer Protection
25. 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
Joint obligation
Chapter 7 of the Code
Injunction
Common Law
26. A current report required by the Exchange Act
Investment contracts
Bureau of Customs and Border Protection
Administrative law judges
8-K
27. If the promisor substantially performs under teh contract
Fraud
Partial or trivial breach
Collateral
Token consideration
28. 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 -
Intended beneficiaries of government contract
Administrative law judges
Unemployment compensation laws
Civil Law or Code Law
29. Place of permanent residence
Restitution and rescission
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Domicile
Federal question jurisdiction
30. Punitive damage - non-economic damages - and attorneys' fees
'Past consideration'
Non-recoverable damages
Diminution in value
Assignment of rights
31. Prohibit discrimination based on pregnancy or childbirth
Foreign Corrupt Practices Act
Taking a contract 'out of the Statute of Frauds'
Pregnancy Discrimination ACt
Appellant
32. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Undue influence
Trust
Nonexpertized portions
Condition concurrent
33. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Federal question jurisdiction
Section 7A of the Clayton Act
Parol Evidence Rule
Undue influence
34. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Defined benefit plans
When an assignment becomes void
The Council on Environmental Quality
Obligee
35. 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.
Tender offers
Rational basis test
Federal Rules of Civil Procedures
Counterclaims
36. Negative causation - due diligence defense - ...
Workers compensation laws
Injury-in-fact
Defenses against liability of misrepresentations or omissions
Securities and Exchange Commission
37. An intent to deceive or defraud
Bilateral investment treaties
Excuse of condition
Pension Benefit Guaranty Corporation (PBGC)
Scienter
38. 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
Specialized federal courts
Collective bargaining
Termination of an invitation to make an offer
Unconscionability
39. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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40. It is a pre-trial motion to take out certain matters
Motion to strike
Discharge of contract
Bilateral treaties
Exchange Act Regulations
41. The person being sued
Contract law
Injury-in-fact
Defendant
Clayton Act
42. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Reliance damages
Assignee's rights
Bureau of Consumer Protection
Regulation D of the Securities Act
43. Regulates the handling of the pesticides being exported from and imported into the U.S.
Assignment of rights
Total breach
Federal Environmental Pesticide Control Act
Demurrer
44. 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
Specialized federal courts
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Security interest
Tie-in agreement
45. A creditor that does not have a security interest in any of the debtor's property or assets.
Civil Law or Code Law
'de nuvo'
Social Security Act
Unsecured creditor
46. Words or actions an individual may have intended - but did not communicate
Counterclaims
Subjective intent
National Labor Relations Act
Parol Evidence Rule
47. 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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48. 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
Monopoly
Social entity or stakeholder theory of the corporation
Title VII of the Civil Rights Act of 1964
Federal Information Act
49. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Exchange Act Regulations
Changed circumstances that allow a party to be excused from performance under the contract
Rule 506 of Regulation D of the Securities Act
Revocability
50. They represent the amount of money a party has spent in justifiable reliance on a contract.
Affirmative defenses
Collective bargaining
Adhesion
Reliance damages
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