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Test your basic knowledge |
CLEP Introductory Business Law
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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. Contracts that are formed for the intended benefit of some third party.
Intended beneficiaries of government contract
Third party beneficiary
Revocability
Collective bargaining
2. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Exclusive dealing agreement
Remediation
Manufacturing defect
Truth in Lending Act
3. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
10-Q
Group boycotts
Res judicata
Section 12(a)(2)
4. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Petit jury
Federal Information Act
Retraction
Commercial speech
5. Actions designed to permanently reduce the health and safety risk associated with the site.
Treaties authority
Employment discrimination
General Agreement on Tariffs and Trades
Remediation
6. 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.
Investment contracts
Implied terms
A motion of summary judgement
Equal protection
7. The written set of charges against the defendant - which is presented to a grand jury.
Prospectus
Indictment
Bureau of Customs and Border Protection
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
8. The agreement to create a security interest
Affirm or disaffirm
Promisor's rights (in relation to the beneficiary)
National Labor Relations Act
Security agreement
9. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Deliberation
Equal Employment Opportunity Commission (EEOC)
Exclusive distributor agreements
Equal protection
10. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Petit jury
Section 11 of the Securities Act
Misappropriation theory
11. Laws created by city councils or county boards - aimed at local matters
Legal capacity
Accord
Ordinances
Lien
12. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Effect of delegation
Rule 147 of the Securities Act
Bilateral investment treaties
Condition
13. 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 -
Rules of interpretation of a contract by a court
Adhesion
Security agreement
Civil Law or Code Law
14. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Incidental beneficiary
Other constituency statutes
10-K
Assignee's rights
15. 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.
The Family and Medical Leave Act
Who is liable
Consequential damages
Diversity jurisdiction
16. Inadequate warning of danger - which can be construed as a design defect
Sherman Act
Enabling acts
Revocation
Inadequate warning defect`
17. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Vertical agreements
Sham consideration
Duress
Regulation D of the Securities Act
18. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Post-trial motions
Restitution and rescission
Bureau of Customs and Border Protection
Summons
19. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Bureau of Consumer Protection
Truth in Lending Act
Total breach
Scienter
20. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Complete or total integration
Joint obligation
Implied contracts
Levels of courts
21. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Equal protection
Social Security Administration
Stare decisis
The Statute of Frauds
22. 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.
Bureau of Consumer Protection
Original jurisdiction
Goods
Environmental Protection Agency (EPA)
23. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Statutory Seller
Shareholder primacy
Unilateral rescission
National Treatment
24. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Grand jury
Resource Conservation and Recovery Act
Foreclosure
Administrative Procedure Act
25. 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
Reporting company
Expertised portion
Objective standard
Substantial performance
26. The documents that parties file in connection with their lawsuit
Chapter 13 of the Code
Pleadings
Motion of directed verdict or of dismissal
Substantive unconscionability
27. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Condition
Novation
Verdict
Concurrent conflict of interests
28. 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
Vertical agreements
Substantive unconscionability
Reliance damages
29. The person to extends credit or a loan - and hence the person to whom a debt is owed
Fair Debt Collection Act
Creditor
Regulation S of the Securities Act
Pleadings
30. An annual report required by the Exchange Act
10-K
Proxy
Scienter
Discovery
31. 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
Securities
Concurrent conflict of interests
Inadequate warning defect`
Private placement
32. Negative causation - due diligence defense - ...
Bureau of Consumer Protection
Defenses against liability of misrepresentations or omissions
Defined benefit plans
Delegation
33. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Remediation
Hung jury
Counteroffer
Vertical agreements
34. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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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.
Token consideration
Rational basis test
Assignment of rights
Breach
36. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Legal capacity
Employment law
Lanham Act
Superfund
37. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Workers compensation laws
Chapter 7 of the Code
Burden of proof
Res judicata
38. Offering made to purchase all or a portion of the shares of a specific company
Rule 504 of Regulation D of the Securities Act
Section 701 of the Securities Act
Subject matter jurisdiction
Tender offers
39. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Production quotas
Section 5 of the Securities Act
Section 11 of the Securities Act
Remand
40. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Collective bargaining
Defenses against liability of misrepresentations or omissions
Bona fide occupational qualification
Federal question jurisdiction
41. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Social entity or stakeholder theory of the corporation
Motion
Misappropriation theory
Prospectus
42. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
'Quid pro quo'
Section 4 of the Securities Act
Mutual rescission
Civil Law
43. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Chapter 7 of the Code
Misstatement or omission
Bureau of Consumer Protection
Contracts that prohibit assignment
44. The right to hold a security interest on a debtor's property.
Lien
Affirm or disaffirm
Indictment
Restatement (Second) of Contracts
45. 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
Direct damages
Expropriation
Pre-existing duty
Substantive unconscionability
46. 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
Donee beneficiary
Writ of habeas corpus
Appellate jurisdiction
Securities Exchange Act of 1934
47. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Implied contracts
Section 7A of the Clayton Act
Quasi-suspect classification
Accord
48. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Statute of limitations
Bilateral treaties
Satisfaction
Social Security Act
49. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Motion
Unemployment compensation laws
Retraction
Judicial review
50. The obligee who officially assigned over his rights
Nonexpertized portions
Assignor
Goods
The Council on Environmental Quality