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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. 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.
'Mirror image' rule
Pre-existing duty
Corporate social responsibility
Duties that cannot be delegated
2. The written set of charges against the defendant - which is presented to a grand jury.
National Ambient Air Quality Standards
Burden of proof
Indictment
A motion of summary judgement
3. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Private placement
Novation
Precedent
Implied contracts
4. Offering made to purchase all or a portion of the shares of a specific company
Intended beneficiaries of government contract
Tender offers
Diminution in value
Implied contract
5. The obligee who officially assigned over his rights
Consideration
Assignor
Rule 504 of Regulation D of the Securities Act
Delegation
6. The person to whom the right is assigned
Changed circumstances that allow a party to be excused from performance under the contract
'Quid pro quo'
Specific performance
Assignee
7. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Supervening illegality
Tie-in agreement
Regulation D of the Securities Act
Price fixing
8. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Option contract
Administrative law judges
Pleadings
Hung jury
9. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Toxic Substances Control Act
Donee beneficiary
Age Discrimination in Employment Act (ADEA)
National Labor Relations Board (NLRB)
10. 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
Equal Pay Act (EPA)
Consumer protection
Common Law
Horizontal agreement
11. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Rule of reason
Retraction
Diversity jurisdiction
Per se
12. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Material breach
Judgment n.o.v.
Counterclaims
Model Rules of Professional Conduct
13. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Resource Conservation and Recovery Act
Discharge of contract
Clayton Act
Excuse of condition
14. One of the primary federal federal statutes
Securities Act
Assignee
Personal jurisdiction
Counteroffer
15. Regulates the handling of the pesticides being exported from and imported into the U.S.
Misappropriation theory
Federal Environmental Pesticide Control Act
'meeting of the minds'
Consequentialism
16. A company subject to the Exchange Act
Reporting company
Rules of interpretation of a contract by a court
Retraction
Suspect classification
17. 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.
Federal circuit court of appeals and the federal court of appeals
Implied contract
Secured transaction
Unemployment compensation laws
18. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Creditor
Duress
Expectation damages (also known as the 'benefit of the bargain')
Adhesion
19. 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.
A motion of summary judgement
Social Security Act
Bilateral Investment Treaty program
'Mailbox' rule
20. 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
The Environmental Quality Report
Mutual mistake
Obligor's rights
Appellate jurisdiction
21. When there is no bargained-for exchange - because there is no exchange.
Economic waste
Price fixing
Equal Pay Act (EPA)
Gift
22. Treaties entered into between two nations
Duty to mitigate
Trust
Informed consent
Bilateral treaties
23. 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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24. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Examples of Uniform Laws
Regulation D of the Securities Act
Tie-in agreement
Export Administration Regulations (EAR)
25. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
Breach
Performance
Vertical agreements
26. 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
Product liability
Counteroffer
Price fixing
Demand assurance
27. A current report required by the Exchange Act
8-K
Bargained-for-exchange
Utilitarianism
Informed consent
28. Rules of ethics that govern the practice of law and the conduct of lawyers
Statutory Seller
Domicile
Legal ethics
Accredited investor
29. A condition that must occur before a duty to perform arises
Condition precedent
Grand jury
Public company
Appellate jurisdiction
30. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
General jurisdiction
Negative causation
Obligor
Administrative law judges
31. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Any statutory seller
Jurisdiction
Horizontal agreement
Stare decisis
32. It is an action to avoid unjust enrichment.
Mistake
Vesting of beneficiary's rights
Utilitarianism
Restitution
33. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Diminution in value
Standing
Material breach
Mutual assent
34. A condition that cuts off a pre-existing duty
Model Rules of Professional Conduct
Mutual assent
Expectation damages (also known as the 'benefit of the bargain')
Condition subsequent
35. Seeks to promote market economics and democratic governments
Donee beneficiary
Remediation
Organization for Economic Co-operation and Development (OECD)
Concurrent conflict of interests
36. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Objective standard
Pleadings
Securities Exchange Act of 1934
Remand
37. 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'.
Preponderance of evidence
Assignee's rights
Condition concurrent
Unjust enrichment
38. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Limited jurisdiction
Section 12 (a)(1) of the Securities Act
Objective standard
Prospectus
39. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Answer
National Labor Relations Act
Involuntary proceeding
Reliance
40. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Lanham Act
Total breach
Pension Benefit Guaranty Corporation (PBGC)
Equal Credit Opportunity Act
41. 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
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Social Security Administration
Chapter 11 of the Code
Environmental Protection Agency (EPA)
42. When a party unlawfully indicate that he will not perform when the performance is due.
Regulation A of the Securities Act
Domicile
Anticipatory repudiation
Precedent
43. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Appellant
Expropriation
Demurrer
Pension Benefit Guaranty Corporation (PBGC)
44. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Expectation damages (also known as the 'benefit of the bargain')
Clean Water Act
Legal detriment
Superfund
45. 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.
Economic waste
Federal Rules of Civil Procedures
Hung jury
Novation
46. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Objective standard
Companies that are subject to the exchange act (Reporting companies)
The Family and Medical Leave Act
Beneficiary's rights
47. 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
Suspect classification
Trust
Section 7A of the Clayton Act
Rules of interpretation of a contract by a court
48. (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
Fair Debt Collection Act
Intended beneficiaries of government contract
Diversity jurisdiction
49. 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
United States Bankruptcy Code ('Code')
Obligor's rights
Equity of redemption
Group boycotts
50. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Shareholder primacy
The Family and Medical Leave Act
Oral argument
'Blue sky' laws