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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. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Trust
Revocation
Clayton Act
Standing
2. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Section 7A of the Clayton Act
Securities Exchange Act of 1934
Bilateral Investment Treaty program
Consideration
3. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Vertical agreements
Negative causation
Suspect classification
Social Security Administration
4. Claims that the defendant has against the plaintiff
Counterclaims
The Statute of Frauds
Intended beneficiaries of government contract
Federal district court
5. 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
Parol Evidence Rule
Employee Retirement Income Security Act (ERISA)
Security interest
Tie-in agreement
6. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Mistake
Expectation damages (also known as the 'benefit of the bargain')
Tie-in agreement
Expropriation
7. 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
Excuse of condition
Price fixing
Priority of secured transactions
8. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Substitutes of consideration
Deliberation
Effect of delegation
Retraction
9. 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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10. 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
Subject matter jurisdiction
Civil Law
The Family and Medical Leave Act
National Environmental Policy Act (NEPA)
11. 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.
Limited jurisdiction
Writ of habeas corpus
Restitution and rescission
'Mirror image' rule
12. Not discriminating against foreign product - thereby treating all products within their border equally
Contract
National Labor Relations Board
National Treatment
Writ of habeas corpus
13. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Novation
Section 701 of the Securities Act
Equal Credit Opportunity Act
National Labor Relations Act
14. The documents that parties file in connection with their lawsuit
Section 7A of the Clayton Act
Pleadings
Taking a contract 'out of the Statute of Frauds'
Donee beneficiary
15. 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 -
Securities and Exchange Commission
Employment law
Condition
Civil Law or Code Law
16. It represents a request for the court to take some action. A motion can be filed by a defendant.
Liquidated damages clause
Penalty
Motion
Foreclosure
17. 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.
Rule 504 of Regulation D of the Securities Act
Judgment n.o.v.
Rule 12b (6) motion
Original jurisdiction
18. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Environmental Protection Agency (EPA)
Satisfaction
Revocability
Price fixing
19. 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.'
The Social Security Administration
Subject matter jurisdiction
Assignment of rights
General Agreement on Tariffs and Trades
20. 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
Unconscionability
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
'Quid pro quo'
Discharge of contract
21. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Misrepresentation
Accredited investor
Civil liability
Exchange Act Regulations
22. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Implied terms
When an assignment becomes void
Suspect classification
National Labor Relations Board
23. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Contract with intoxicated persons
Corporate social responsibility
Multilateral treaties
Malpractice
24. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Motion for a more definitive statement
Accord
Market division
Bureau of Consumer Protection
25. Contracts that are formed for the intended benefit of some third party.
Bargained-for-exchange
Third party beneficiary
Affirm or disaffirm
Civil Law
26. Employers make payments to retired employees based on the length of their employment and the wages they received.
Rule 505 of Regulation D of the Securities Act
'clear and present'
Defined benefit plans
Undue influence
27. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Specific performance
Criminal Trial
Market division
Content-neutral restrictions
28. The person who is bringing the suit
Mutual rescission
Chapter 11 of the Code
Discharge of contract
Plaintiff
29. 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
Pregnancy Discrimination ACt
Public company
Control persons
30. When a control makes a profit purchasing and selling her shares within a six-month period
Incidental beneficiary
Uniform Laws
Implied contracts
Short swing profits
31. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Criminal Law
Liability based on intentional tort
Market division
Excuse of condition
32. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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33. An exemption for securities sold outside of the U.S.
Shareholder primacy
Regulation S of the Securities Act
Chapter 11 of the Code
Expropriation
34. When the jury retires to a separate room to decide the outcome of the case.
Incidental beneficiary
Deliberation
Control persons
Scienter
35. 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)
Option contract
Suspect classification
Environmental Protection Agency
Equal Credit Opportunity Act
36. 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
'Takings'
Indictment
Section 5 of the Securities Act
Intended beneficiaries of government contract
37. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Substitutes of consideration
Reliance
Condition
Ordinances
38. A distinct mark or symbol that identifies a business and its products
Equity of redemption
Condition subsequent
Trademark
Section 7A of the Clayton Act
39. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trust
Scienter
Duties that cannot be delegated
Goods
40. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Summons
Materiality
Third party beneficiary
Nonexpertized portions
41. The exchange of promises or an exchange of a promise for a performance.
Workers compensation laws
Adhesion
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Bargained-for-exchange
42. A promise that is inferred from a person's conduct or the circumstances of the transaction
Promisor's rights (in relation to the beneficiary)
Uniform Laws
Implied contract
Non-recoverable damages
43. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Anticipatory repudiation
'in pari delicto'
Federal question jurisdiction
Verdict
44. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Unemployment compensation laws
Equity of redemption
Section 10(b) and Rule 10b-5 of the Exchange Act
Illusory promise
45. 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'
Pension Benefit Guaranty Corporation (PBGC)
Implied terms
Fair Labor Standards Act (FLSA)
Gratuitous assignment
46. Misrepresentation that was made with intent
Federal question jurisdiction
Fraud
Duress
Rule 12b (6) motion
47. The difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Americans with Disabilities Act (ADA)
Collective bargaining
Complete or total integration
48. 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
Unilateral contract
Quasi-suspect classification
Contracts that prohibit assignment
Excuse of condition
49. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Export Administration Regulations (EAR)
Petit jury
Short swing profits
50. 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
Specialized federal courts
Assignee's rights
Gramm-Leach-Bliley Act
Securities and Exchange Commission