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Test your basic knowledge |
CLEP Introductory Business Law
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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. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Tie-in agreement
Condition
Legal capacity
Effect of delegation
2. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Securities and Exchange Commission
Strict liability
Export Administration Act (EAA)
Assignment of rights
3. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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4. Place of permanent residence
Summons
Rule 147 of the Securities Act
Domicile
Federal Communications Commission
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'.
Total breach
Rule 506 of Regulation D of the Securities Act
Contract
Consequentialism
6. 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
Collateral
Monopoly
Age Discrimination in Employment Act (ADEA)
Pre-existing duty
7. Employers make payments to retired employees based on the length of their employment and the wages they received.
Defined benefit plans
Regulation A of the Securities Act
Accord
Securities and Exchange Commission
8. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Levels of courts
National Institute for Occupational Health
Pretexting
A motion of summary judgement
9. A current report required by the Exchange Act
Security interest
8-K
Concurrent conflict of interests
Common Law
10. 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
Securities and Exchange Commission
Substantive unconscionability
Appellant
Misappropriation theory
11. 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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12. A promise that is inferred from a person's conduct or the circumstances of the transaction
Implied contract
Section 12(a)(2)
Clayton Act
'Definite and certain'
13. 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.
Jurisdiction
Standing
Specific performance
Security agreement
14. The Constitution makes treaties the 'supreme law of the land'
Bureau of Consumer Protection
Treaties authority
Equal Pay Act (EPA)
Mutual rescission
15. Misrepresentation that was made with intent
Rational basis test
Appellate jurisdiction
Substantial performance
Fraud
16. A distinct mark or symbol that identifies a business and its products
Token consideration
Trademark
Appellee or respondent
Section 7A of the Clayton Act
17. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Substantive unconscionability
Indictment
Export Administration Regulations (EAR)
'due process'
18. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Duties that cannot be delegated
Unemployment compensation laws
Securities
Section 12 (a)(1) of the Securities Act
19. Treaties entered into between two nations
Security agreement
Bilateral treaties
Collective bargaining
Civil Law or Code Law
20. 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
Collective bargaining
Concurrent conflict of interests
Preponderance of evidence
Collateral
21. The obligor does not need to provide consent - but does need to be given notice.
Intended beneficiaries of government contract
Process of assignment
Remediation
'Past consideration'
22. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Production quotas
Administrative Procedure Act
Third party beneficiary
Misrepresentation
23. 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.
Post-trial motions
Malpractice
Revocation
Affirm or disaffirm
24. A quarterly report required by the Exchange Act
Promisee's rights
Rule 12b (6) motion
10-Q
Fair Debt Collection Act
25. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Equal Employment Opportunity Commission (EEOC)
Nonexpertized portions
Export Administration Act (EAA)
26. An intent to deceive or defraud
Novation
Scienter
Shareholder primacy
National Labor Relations Board (NLRB)
27. It is a pre-trial motion to take out certain matters
Motion to strike
Clean Air Act
Involuntary proceeding
When an assignment becomes void
28. 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
Mutual mistake
National Ambient Air Quality Standards
Objective standard
Prosecution
29. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Enabling acts
Fair Credit Reporting Act
Commencing a lawsuit
Unilateral rescission
30. If the promisor substantially performs under teh contract
Unilateral mistake
Partial or trivial breach
Creditor beneficiary
Exclusive distributor agreements
31. Words or actions an individual may have intended - but did not communicate
Subjective intent
Chapter 11 of the Code
Judgment n.o.v.
Restatement (Second) of Contracts
32. 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
'Quid pro quo'
Statutory Seller
Expectation damages (also known as the 'benefit of the bargain')
Liability based on intentional tort
33. The documents that parties file in connection with their lawsuit
Pregnancy Discrimination ACt
Parol Evidence Rule
Pleadings
Verdict
34. Actual performance of an obligation
Satisfaction
Personal jurisdiction
Employment discrimination
'Quid pro quo'
35. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Expertised portion
Procedural unconscionability
National Environmental Policy Act (NEPA)
Discharge of contract
36. A pre-trial motion when the pleadings are vague or ambiguous.
Section 12(a)(2)
Model Rules of Professional Conduct
Motion for a more definitive statement
Delegation
37. A condition that cuts off a pre-existing duty
Condition subsequent
Process of assignment
Employment law
Promise
38. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Defined benefit plans
Clean Water Act
Per se
Rule 12b (6) motion
39. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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40. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Post-trial motions
Control persons
Quasi-suspect classification
Federal Communications Commission
41. A trivial defect in performance (the opposite of material breach).
Statute of limitations
Intended beneficiaries of government contract
Indictment
Substantial performance
42. The promisor's failure to perform in accordance with the terms of the contract
Chapter 11 of the Code
Breach
Expertised portion
Illusory promise
43. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Token consideration
Regulation D of the Securities Act
Malpractice
Implied terms
44. The party that won in the previous court trial - but the other party is appealing the decision.
Regulation D of the Securities Act
Materiality
Accredited investor
Appellee or respondent
45. An annual report required by the Exchange Act
Mutual assent
10-K
Promisee's rights
Counteroffer
46. 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.
Judicial review
Original jurisdiction
Non-recoverable damages
Collective bargaining
47. Prohibit discrimination based on pregnancy or childbirth
Domicile
Specific performance
Pregnancy Discrimination ACt
Malpractice
48. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Security interest
Administrative Procedure Act
Changed circumstances that allow a party to be excused from performance under the contract
Precedent
49. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
'clear and present'
10-Q
Legal capacity
'de nuvo'
50. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Toxic Substances Control Act
Section 11 of the Securities Act
Corporate social responsibility
Undue influence
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