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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 debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Foreclosure
Equity of redemption
Equal protection
Exclusive dealing agreement
2. 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
Partial or trivial breach
Employee Retirement Income Security Act (ERISA)
'Mirror image' rule
Termination of an invitation to make an offer
3. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Scienter
'Takings'
Misstatement or omission
Fraud
4. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Intended beneficiaries of government contract
Charitable contributions
Multilateral treaties
5. 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)
Expertised portion
Exclusive dealing agreement
Regulation D of the Securities Act
6. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
Federal Trade Commission
Exempt securities and transactions
Involuntary proceeding
7. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Materiality
Monopoly
Rules of construction
Partial or trivial breach
8. 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.
Strict liability
Novation
Content-neutral restrictions
Vesting of beneficiary's rights
9. A misrepresentation made with knowledge of its inaccuracy
Restitution
Hung jury
Scienter
Legal ethics
10. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Rule 504 of Regulation D of the Securities Act
Securities Act
Gratuitous assignment
Superfund
11. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Consideration
Judicial review
Substantial performance
12. They represent the amount of money a party has spent in justifiable reliance on a contract.
Reliance damages
Pension Benefit Guaranty Corporation (PBGC)
Federal Rules of Civil Procedures
8-K
13. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Criminal Trial
Hung jury
Tie-in agreement
Obligee
14. Automatic violations of the Sherman Act
Employee Retirement Income Security Act (ERISA)
Commercial speech
Per se
10-K
15. Oversees the purchase and sale of securities
Obligor's rights
Collective bargaining
Substantial performance
Securities and Exchange Commission
16. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Priority of secured transactions
Fair Debt Collection Act
Misappropriation theory
Employment law
17. 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.
The Environmental Quality Report
Goods
Contract
Export Administration Regulations (EAR)
18. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Stare decisis
Bureau of Consumer Protection
Fair Labor Standards Act (FLSA)
Trust
19. 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
Judgment n.o.v.
Title VII of the Civil Rights Act of 1964
Monopoly
Chapter 11 of the Code
20. 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.
Bureau of Customs and Border Protection
Criminal Trial
Third party beneficiary
Diversity jurisdiction
21. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Substantial performance
Collective bargaining
Examples of Uniform Laws
Federal circuit court of appeals and the federal court of appeals
22. Prevents discrimination against employees who are 40years old or more
Objective standard
Fair Labor Standards Act (FLSA)
Age Discrimination in Employment Act (ADEA)
Ordinances
23. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
The Social Security Administration
Equal Credit Opportunity Act
Deliberation
24. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Mistake
Specialized federal courts
The Family and Medical Leave Act
Trial court
25. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Verdict
Other constituency statutes
Indictment
Employment law
26. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Truth in Lending Act
Involuntary proceeding
Strict liability
Suspect classification
27. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
The Social Security Administration
Restatement (Second) of Contracts
Supreme Court powers
28. The person to extends credit or a loan - and hence the person to whom a debt is owed
Diminution in value
Attachment
Tender offers
Creditor
29. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
Priority of secured transactions
Export Administration Regulations (EAR)
Demurrer
30. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Assignor
Rule 506 of Regulation D of the Securities Act
Who is liable
Inadequate warning defect`
31. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Rule 147 of the Securities Act
Criminal Law
Uniform Commercial Code ('UCC')
Fair Credit Reporting Act
32. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Res judicata
Verdict
Attorney/client privilege
Implied contracts
33. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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34. The person to whom the right is assigned
Precedent
The Statute of Frauds
Assignee
Administrative Procedure Act
35. 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.
Assignor
Token consideration
Legal ethics
Mutual rescission
36. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Product liability
Offer
Federal Insurance Contributions Act
Motion to strike
37. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Automatic stay
Breach
Motion to strike
Prosecution
38. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Petit jury
Export Administration Regulations (EAR)
Regulation S of the Securities Act
Judicial review
39. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Product liability
Secured transaction
Consideration
Unemployment compensation laws
40. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Tender offers
Verdict
Security interest
Negative causation
41. A person who is not an intended beneficiary
Equity of redemption
Restatement (Second) of Contracts
Rational basis test
Incidental beneficiary
42. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Gift
Specific performance
Donee beneficiary
Exempt securities and transactions
43. A trivial defect in performance (the opposite of material breach).
Substantial performance
Post-trial motions
Malpractice
Legal capacity
44. A situation where one person unfairly benefits from a transaction
Suspect classification
Answer
Unjust enrichment
Employment law
45. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Total breach
Affirm or disaffirm
'Past consideration'
Adhesion
46. 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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47. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Personal jurisdiction
Exclusive dealing agreement
Obligor's rights
Per se
48. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Market division
Commencing a lawsuit
Tie-in agreement
Procedural unconscionability
49. An exemption for transactions involving offerings to employees.
Taking a contract 'out of the Statute of Frauds'
Misappropriation theory
'clear and present'
Section 701 of the Securities Act
50. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Strict liability
Exchange Act Regulations
Obligee
Statute of limitations