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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. A situation where one person unfairly benefits from a transaction
Joint obligation
Unjust enrichment
Anticipatory repudiation
Donee beneficiary
2. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Express contract
Commencing a lawsuit
Content-neutral restrictions
The Council on Environmental Quality
3. The promisor's failure to perform in accordance with the terms of the contract
Excuse of condition
Breach
Foreign Sovereign Immunities Act
Charitable contributions
4. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Employment law
Resource Conservation and Recovery Act
Contract law
Bargained-for-exchange
5. The person to whom the right is assigned
Manufacturing defect
Assignee
Contract law
Resource Conservation and Recovery Act
6. 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.
'Mailbox' rule
Federal circuit court of appeals and the federal court of appeals
Hung jury
Precedent
7. 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
Foreclosure
Secured transaction
Perfected
Legal detriment
8. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
'Past consideration'
Parol Evidence Rule
Equal Employment Opportunity Commission (EEOC)
Standing
9. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Federal Information Act
Hung jury
Securities Act Registration
Exchange Act Regulations
10. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Employee Retirement Income Security Act (ERISA)
Perfected
Beneficiary's rights
11. Obtaining consumer's private financial information under false pretenses
Truth in Lending Act
Private placement
Pretexting
Motion
12. A misrepresentation made with knowledge of its inaccuracy
Occupational Safety and Health Administration (OSHA)
Rules of interpretation of a contract by a court
Scienter
Duties that cannot be delegated
13. Both a rejection and termination of the original offer.
Counteroffer
Demurrer
Group boycotts
Securities Exchange Act of 1934
14. Automatic violations of the Sherman Act
Equal protection
Per se
Attachment
Sham consideration
15. An exemption for transactions involving offerings to employees.
Chapter 7 of the Code
Scienter
Section 701 of the Securities Act
Verdict
16. 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
The Statute of Frauds
Federal Insurance Contributions Act
Motion of directed verdict or of dismissal
Stare decisis
17. 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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18. 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.
National Environmental Policy Act (NEPA)
Attorney/client privilege
Trademark
Criminal Law
19. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Motion of directed verdict or of dismissal
Control persons
'Takings'
Gramm-Leach-Bliley Act
20. 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
Statute of limitations
Fair Debt Collection Act
Total breach
Enabling acts
21. 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
Equal Employment Opportunity Commission (EEOC)
General Agreement on Tariffs and Trades
Subject matter jurisdiction
22. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Equal Employment Opportunity Commission (EEOC)
Collateral
Donee beneficiary
Tender offers
23. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Price fixing
Discharge of contract
Performance
Executed exchange
24. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Prospectus
Attachment
Truth in Lending Act
Substantial performance
25. A distinct mark or symbol that identifies a business and its products
Civil liability
Trademark
Process of assignment
Tender offers
26. Regulates trusts and monopolies
Incidental beneficiary
Federal Trade Commission
Discovery
Chapter 13 of the Code
27. Ethical behavior in terms of its consequences ('the end justifies the means')
'Mailbox' rule
Consequentialism
Legal detriment
Securities and Exchange Commission
28. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Deontological
Demand assurance
Reliance
Appellant
29. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Section 12 (a)(1) of the Securities Act
A motion of summary judgement
Bilateral treaties
Penalty
30. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Donee beneficiary
Age Discrimination in Employment Act (ADEA)
Equal Credit Opportunity Act
Restitution and rescission
31. When the creditor initiates the proceedings.
'Infants' or 'minors'
Clean Water Act
Involuntary proceeding
Unconscionability
32. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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33. Defenses that would prevent the plaintiff from holding the defendant liable
Consideration
Affirmative defenses
Diversity jurisdiction
Chapter 13 of the Code
34. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Quasi-contract
Public company
Bilateral Investment Treaty program
Control persons
35. 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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36. 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 -
Companies that are subject to the exchange act (Reporting companies)
Excuse of condition
Civil Law or Code Law
Exclusive dealing agreement
37. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Section 7A of the Clayton Act
Liability based on intentional tort
Promisee's rights
Expectation damages (also known as the 'benefit of the bargain')
38. 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 -
Intended beneficiary
Trust
'Definite and certain'
General jurisdiction
39. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
The Family and Medical Leave Act
'Definite and certain'
Clayton Act
Promise
40. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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41. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Substantive unconscionability
Verdict
Attachment
Export Administration Act (EAA)
42. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Ordinances
Section 701 of the Securities Act
Clean Air Act
Taking a contract 'out of the Statute of Frauds'
43. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Judgment n.o.v.
'Definite and certain'
Exempt securities and transactions
Original jurisdiction
44. The obligation to establish his claims first
Commercial speech
Collateral
Federal Information Act
Burden of proof
45. Regulates the handling of the pesticides being exported from and imported into the U.S.
Substitutes of consideration
Bona fide occupational qualification
Federal Environmental Pesticide Control Act
Informed consent
46. 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.
Securities Act Registration
Changed circumstances that allow a party to be excused from performance under the contract
Employment law
Pension Benefit Guaranty Corporation (PBGC)
47. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Section 12(a)(2)
Obligor's rights
Grand jury
Material breach
48. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Indictment
Liability based on intentional tort
Third party beneficiary
The Council on Environmental Quality
49. 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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50. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Injunction
Unilateral rescission
'meeting of the minds'
Misstatement or omission