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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. 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
Motion of directed verdict or of dismissal
The Council on Environmental Quality
When an assignment becomes void
Securities and Exchange Commission
2. 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
Scienter
Horizontal agreement
Clayton Act
Suspect classification
3. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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4. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Title VII of the Civil Rights Act of 1964
Fair Labor Standards Act (FLSA)
Pension Benefit Guaranty Corporation (PBGC)
Partial or trivial breach
5. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Anticipatory repudiation
Contract
National Labor Relations Act
Employment discrimination
6. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Attachment
Charitable contributions
Prosecution
National Labor Relations Board (NLRB)
7. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Model Rules of Professional Conduct
Involuntary proceeding
Unsecured creditor
Trial court
8. When the debtor voluntarily initiates the bankruptcy proceedings
Perfected
Federal Rules of Civil Procedures
Demurrer
Voluntarily proceeding
9. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
The Family and Medical Leave Act
Securities Exchange Act of 1934
Restatement (Second) of Contracts
Specific performance
10. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
'Blue sky' laws
Liquidated damages clause
Parol Evidence Rule
Charitable contributions
11. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Occupational Safety and Health Act
Direct damages
Fair Credit Reporting Act
Assignor
12. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Procedural unconscionability
Assignment of rights
Social entity or stakeholder theory of the corporation
Voluntarily proceeding
13. The written set of charges against the defendant - which is presented to a grand jury.
Investment contracts
Precedent
Indictment
Federal Environmental Pesticide Control Act
14. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Novation
Foreign Corrupt Practices Act
The Council on Environmental Quality
Effect of delegation
15. Discrimination based on race or sex
Federal circuit court of appeals and the federal court of appeals
Bargained-for-exchange
Indictment
Employment discrimination
16. A distinct mark or symbol that identifies a business and its products
Trademark
Market division
Offer
Manufacturing defect
17. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Uniform Laws
Contract law
Undue influence
Social Security Administration
18. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Section 5 of the Securities Act
Counterclaims
Employment law
Res judicata
19. Place of permanent residence
Bargained-for-exchange
'Blue sky' laws
Domicile
Equal Credit Opportunity Act
20. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Federal Information Act
Unjust enrichment
Examples of Uniform Laws
Unilateral rescission
21. A person who is not an intended beneficiary
Rational basis test
Illusory promise
Lien
Incidental beneficiary
22. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Perfected
Materiality
Group boycotts
Statute of limitations
23. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Assignor
Objective standard
Organization for Economic Co-operation and Development (OECD)
24. The difference between the value of the property as substantially complete and the value of the property upon full performance
Exempt securities and transactions
Concurrent conflict of interests
Clean Water Act
Diminution in value
25. 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.
Fair Labor Standards Act (FLSA)
Attorney/client privilege
Nonexpertized portions
Illusory promise
26. It regulates chemical substances
Toxic Substances Control Act
Motion of directed verdict or of dismissal
Fair Credit Reporting Act
Counteroffer
27. Regulates trusts and monopolies
Superfund
Subjective intent
Federal Trade Commission
Equal Employment Opportunity Commission (EEOC)
28. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Oral argument
The Social Security Administration
'Takings'
Negative causation
29. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Expertised portion
Malpractice
Civil Law or Code Law
Americans with Disabilities Act (ADA)
30. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
Condition
Third party beneficiary
Quasi-suspect classification
31. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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32. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Misrepresentation
Termination of an invitation to make an offer
Demurrer
Standing
33. Regulates the handling of the pesticides being exported from and imported into the U.S.
Concurrent conflict of interests
Federal Environmental Pesticide Control Act
Equity of redemption
Rule of reason
34. 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
Parol Evidence Rule
'de nuvo'
'Quid pro quo'
Environmental Protection Agency (EPA)
35. 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
Promisee's rights
Legal detriment
Suspect classification
The Statute of Frauds
36. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Material breach
Implied terms
Undue influence
Unconscionability
37. 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.
Unemployment compensation laws
Employee-at-will
Writ of habeas corpus
Preponderance of evidence
38. Legally recognized injury
Injury-in-fact
Trust
Occupational Safety and Health Administration (OSHA)
Stare decisis
39. 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
Federal Rules of Civil Procedures
Duty to mitigate
Concurrent conflict of interests
Exchange Act Regulations
40. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Administrative Procedure Act
'due process'
Contracts that prohibit assignment
Americans with Disabilities Act (ADA)
41. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
'Past consideration'
Proxy
Sherman Act
Process of appealing a case through the three levels of court
42. 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.
Token consideration
Original jurisdiction
Diversity jurisdiction
Appellant
43. Prohibit discrimination based on pregnancy or childbirth
Pregnancy Discrimination ACt
Third party beneficiary
Administrative Procedure Act
United States Bankruptcy Code ('Code')
44. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Rational basis test
Counteroffer
Production quotas
Strict liability
45. 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.
'in pari delicto'
Equal Credit Opportunity Act
Defined benefit plans
Criminal Law
46. 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
Demand assurance
Securities Act Registration
The Social Security Administration
Bilateral Investment Treaty program
47. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Sham consideration
Obligor
Substantive unconscionability
Scienter
48. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Securities
Contracts that prohibit assignment
National Environmental Policy Act (NEPA)
Title VII of the Civil Rights Act of 1964
49. A situation where one person unfairly benefits from a transaction
'in pari delicto'
Bilateral contract
Pleadings
Unjust enrichment
50. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Specific performance
United States Bankruptcy Code ('Code')
Contract with intoxicated persons
Unconscionability