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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. Prohibits institutions from discrimination related to credit applications
Effect of delegation
Beneficiary's rights
Process of assignment
Equal Credit Opportunity Act
2. 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
Mutual rescission
Reporting company
Standing
Concurrent conflict of interests
3. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Reliance damages
Legal capacity
Trademark
The Family and Medical Leave Act
4. 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
Fair Credit Reporting Act
Malpractice
Demand assurance
'Past consideration'
5. 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.'
Fraud
Offer
Rule of reason
Jurisdiction
6. An exemption for certain small offerings
Ordinances
Securities Exchange Act of 1934
Exclusive distributor agreements
Regulation A of the Securities Act
7. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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8. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Expectation damages (also known as the 'benefit of the bargain')
Motion to strike
Answer
Unilateral mistake
9. 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
Injury-in-fact
Prosecution
Scienter
Title VII of the Civil Rights Act of 1964
10. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Liquidated damages clause
Rule 506 of Regulation D of the Securities Act
Promisee's rights
Civil liability
11. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Restatement (Second) of Contracts
Undue influence
General Agreement on Tariffs and Trades
Environmental Protection Agency
12. 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
Anticipatory repudiation
Charitable contributions
Exclusive distributor agreements
Mutual mistake
13. The person who is bringing the suit
'Quid pro quo'
Plaintiff
Assignee
10-Q
14. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Federal Communications Commission
Product liability
'Mirror image' rule
Parol Evidence Rule
15. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Inadequate warning defect`
Parol Evidence Rule
Mutual assent
Commencing a lawsuit
16. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 505 of Regulation D of the Securities Act
National Ambient Air Quality Standards
Demand assurance
Mutual mistake
17. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Indictment
Toxic Substances Control Act
Clean Water Act
Social Security Act
18. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Resource Conservation and Recovery Act
Deontological
Malpractice
Tie-in agreement
19. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Appellate jurisdiction
Intended beneficiary
Assignment of rights
Perfected
20. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Gift
Reliance damages
Securities Act
21. 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.
Implied contracts
Group boycotts
Illusory promise
Plaintiff
22. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Restatement (Second) of Contracts
'Mirror image' rule
Gramm-Leach-Bliley Act
Administrative Procedure Act
23. The promisor's failure to perform in accordance with the terms of the contract
Option contract
Rules of construction
Breach
Condition precedent
24. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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25. The Constitution makes treaties the 'supreme law of the land'
Federal question jurisdiction
Prosecution
Treaties authority
Pregnancy Discrimination ACt
26. The right to hold a security interest on a debtor's property.
Illusory promise
Economic waste
Lien
Federal Trade Commission (FTC)
27. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Short swing profits
Consumer protection
Post-trial motions
Penalty
28. The property that is the subject of a security interest
Collateral
Undue influence
Rule of reason
Contract law
29. The documents that parties file in connection with their lawsuit
Security agreement
Pleadings
Resource Conservation and Recovery Act
Equity of redemption
30. 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.
Control persons
Organization for Economic Co-operation and Development (OECD)
A motion of summary judgement
Rules of construction
31. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Offer
Excuse of condition
The Family and Medical Leave Act
Price fixing
32. Actual performance of an obligation
Occupational Safety and Health Administration (OSHA)
Writ of habeas corpus
Satisfaction
Suspect classification
33. 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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34. 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
Effect of delegation
Common Law
'Quid pro quo'
Specific performance
35. 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.
Section 5 of the Securities Act
Writ of habeas corpus
Preponderance of evidence
When an assignment becomes void
36. Treaties between two nations addressing investment concerns
Consideration
Fraud
Bilateral investment treaties
Malpractice
37. The obligee who officially assigned over his rights
Short swing profits
Assignor
Securities Act Registration
Unconscionability
38. A condition that occurs at the same time as performance
Condition concurrent
Strict liability
National Labor Relations Board (NLRB)
Rule 144 of the Securities Act
39. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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40. 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
Prospectus
Original jurisdiction
Bargained-for-exchange
Supervening illegality
41. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Defined contribution plan
Exempt securities and transactions
Mental incapacity
National Environmental Policy Act (NEPA)
42. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Specific performance
National Ambient Air Quality Standards
Creditor
Materiality
43. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Consideration
Creditor beneficiary
Treaties authority
Remediation
44. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Mutual rescission
Unilateral contract
Rules of interpretation of a contract by a court
'Quid pro quo'
45. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Involuntary proceeding
Defined contribution plan
Mental incapacity
Trademark
46. 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.
Securities Act Registration
Goods
Negative causation
Original jurisdiction
47. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Commencing a lawsuit
Resource Conservation and Recovery Act
Specific performance
Section 12 (a)(1) of the Securities Act
48. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
National Institute for Occupational Health
Exchange Act Regulations
Limited jurisdiction
Federal district court
49. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Price fixing
Equal Credit Opportunity Act
Social Security Administration
Proxy
50. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Model Rules of Professional Conduct
Counterclaims
Consideration
Pregnancy Discrimination ACt