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Test your basic knowledge |
CLEP Introductory Business Law
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Subjects
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clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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study here
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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. 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
Pension Benefit Guaranty Corporation (PBGC)
Rules of construction
Perfected
Truth in Lending Act
2. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Vertical agreements
Product liability
Affirm or disaffirm
Rule 505 of Regulation D of the Securities Act
3. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
National Institute for Occupational Health
Legal detriment
Rule 147 of the Securities Act
4. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Federal circuit court of appeals and the federal court of appeals
Reporting company
'Takings'
5. 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.
Civil Law or Code Law
Unilateral contract
Bona fide occupational qualification
Mutual assent
6. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Indictment
Injury-in-fact
Contracts that prohibit assignment
Diversity jurisdiction
7. When the creditor initiates the proceedings.
Petit jury
Federal question jurisdiction
Section 701 of the Securities Act
Involuntary proceeding
8. 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.
Americans with Disabilities Act (ADA)
Short swing profits
Unemployment compensation laws
Treaties authority
9. Regulates trusts and monopolies
Federal Trade Commission
Appellate jurisdiction
Mistake
Liability based on intentional tort
10. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Rule 504 of Regulation D of the Securities Act
Performance
Employee-at-will
Statutory Seller
11. 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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12. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Rules of interpretation of a contract by a court
Strict liability
Charitable contributions
Motion to strike
13. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Termination of an invitation to make an offer
Rational basis test
Expertised portion
Scienter
14. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Commercial speech
National Environmental Policy Act (NEPA)
Reliance
Legal detriment
15. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Unconscionability
Employee Retirement Income Security Act (ERISA)
Objective standard
Federal Rules of Civil Procedures
16. 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'.
Pretexting
Regulation D of the Securities Act
Contract
Commercial speech
17. 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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18. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
'de nuvo'
Criminal Trial
Deontological
Nonexpertized portions
19. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Intended beneficiary
Partial or trivial breach
Export Administration Act (EAA)
Accord
20. 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
Revocation
Novation
Parol Evidence Rule
21. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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22. A trust formed to dominate an industry
Monopoly
Substitutes of consideration
Standing
Excuse of condition
23. The obligation to establish his claims first
Bureau of Consumer Protection
Burden of proof
Exclusive dealing agreement
Mutual assent
24. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Motion
Answer
Companies that are subject to the exchange act (Reporting companies)
Environmental Protection Agency (EPA)
25. A creditor that does not have a security interest in any of the debtor's property or assets.
Creditor beneficiary
Unsecured creditor
Social entity or stakeholder theory of the corporation
Consequential damages
26. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Option contract
Motion of directed verdict or of dismissal
Equal Pay Act (EPA)
Condition concurrent
27. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Executed exchange
Assignee
Condition precedent
Pension Benefit Guaranty Corporation (PBGC)
28. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Unilateral rescission
Standing
Negative causation
Criminal Trial
29. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Investment contracts
Unilateral mistake
Obligee
Subject matter jurisdiction
30. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Chapter 7 of the Code
Federal Rules of Civil Procedures
Stare decisis
Market division
31. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Strict liability
Lanham Act
Employee Retirement Income Security Act (ERISA)
Federal district court
32. Misrepresentation that was made with intent
Prospectus
Federal question jurisdiction
Fraud
Prosecution
33. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Beneficiary's rights
'Past consideration'
Intended beneficiaries of government contract
National Institute for Occupational Health
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
Domicile
Superfund
Common Law
National Ambient Air Quality Standards
35. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Unemployment compensation laws
Trust
Complete or total integration
8-K
36. 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.
Affirmative defenses
Process of appealing a case through the three levels of court
Diversity jurisdiction
Rule 147 of the Securities Act
37. The first court to consider an action
Original jurisdiction
Deontological
Market division
Writ of certiorari
38. 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
Monopoly
Concurrent conflict of interests
Vesting of beneficiary's rights
Duty to mitigate
39. An exemption for transactions involving offerings to employees.
'clear and present'
Occupational Safety and Health Act
10-K
Section 701 of the Securities Act
40. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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41. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Clean Water Act
Unilateral rescission
Substantive unconscionability
'Definite and certain'
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
Clean Air Act
Defendant
Collateral
Domicile
43. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Tie-in agreement
Federal Information Act
Liability based on intentional tort
Nonexpertized portions
44. Regulates radio - television - and other forms of interstate communications
Federal Communications Commission
Parol Evidence Rule
Quasi-suspect classification
Multilateral treaties
45. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Illusory promise
8-K
Unilateral rescission
Federal Communications Commission
46. When the debtor voluntarily initiates the bankruptcy proceedings
'in pari delicto'
Joint obligation
Voluntarily proceeding
Counterclaims
47. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Non-recoverable damages
Criminal Law
Diminution in value
48. 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
Rule 504 of Regulation D of the Securities Act
Chapter 7 of the Code
Clean Water Act
Securities
49. When a control makes a profit purchasing and selling her shares within a six-month period
8-K
General jurisdiction
Toxic Substances Control Act
Short swing profits
50. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Accredited investor
Option contract
Suspect classification
Statute of limitations
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