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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 interest in property or collateral granted in order to ensure payment of a debt or obligation
Prosecution
Age Discrimination in Employment Act (ADEA)
Security interest
Mortgage
2. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Public company
Implied contract
Performance
Donee beneficiary
3. Inadequate warning of danger - which can be construed as a design defect
Pretexting
Inadequate warning defect`
Strict liability
Equal Pay Act (EPA)
4. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Petit jury
Res ipsa loquitor
Federal Information Act
Product liability
5. 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.
Discharge of contract
Intended beneficiaries of government contract
Rational basis test
National Labor Relations Board
6. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Obligee
Occupational Safety and Health Act
Exclusive dealing agreement
Unilateral rescission
7. The person being sued
Defendant
Attachment
Trust
National Labor Relations Act
8. The creditor's security interest in real property
Rules of construction
Mortgage
National Labor Relations Board
Lien
9. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Procedural unconscionability
Stare decisis
Private placement
Automatic stay
10. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Manufacturing defect
Hung jury
Delegation
'Mailbox' rule
11. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Assignor
Rule 147 of the Securities Act
Donee beneficiary
Restitution and rescission
12. 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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13. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Employee Retirement Income Security Act (ERISA)
Option contract
Res judicata
Strict liability
14. The obligation to establish his claims first
Res ipsa loquitor
Expropriation
Burden of proof
Equity of redemption
15. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Civil Law or Code Law
Assignment of rights
Any statutory seller
Lien
16. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Option contract
Foreclosure
Perfected
Deliberation
17. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Unconscionability
Offer
Petit jury
Collateral
18. Prohibit discrimination based on pregnancy or childbirth
Investment contracts
Inadequate warning defect`
Pregnancy Discrimination ACt
Supreme Court powers
19. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Demurrer
National Institute for Occupational Health
Inadequate warning defect`
Equal protection
20. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Preponderance of evidence
Fair Credit Reporting Act
Production quotas
Condition concurrent
21. 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
Tender offers
Consideration
Total breach
Excuse of condition
22. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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23. Treaties entered into between two nations
Trademark
Obligor's rights
Vesting of beneficiary's rights
Bilateral treaties
24. Regulates radio - television - and other forms of interstate communications
Rules of interpretation of a contract by a court
Attachment
Federal Communications Commission
Promisee's rights
25. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Direct damages
Who is liable
Obligee
Levels of courts
26. He has the enforceable right against the obligor because he is considered the real party interest.
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27. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Section 4 of the Securities Act
'Mailbox' rule
Examples of Uniform Laws
Statutory Seller
28. An annual report required by the Exchange Act
Tie-in agreement
Restatement (Second) of Contracts
10-K
Obligee
29. 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
Employment law
Trial court
National Labor Relations Act
Criminal Trial
30. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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31. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Duress
Civil Law or Code Law
Clean Water Act
Content-neutral restrictions
32. 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
'Ffour corners'
Retraction
8-K
Substantive unconscionability
33. 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
Goods
Implied contract
Rational basis test
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
34. 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
Legal detriment
Reliance damages
Section 7A of the Clayton Act
Demurrer
35. An exemption for certain small offerings
Indictment
Section 5 of the Securities Act
Regulation A of the Securities Act
Age Discrimination in Employment Act (ADEA)
36. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Specialized federal courts
Creditor beneficiary
Grand jury
Obligor's rights
37. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Burden of proof
Administrative Procedure Act
Undue influence
38. 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
Section 5 of the Securities Act
Employment discrimination
Stare decisis
Domicile
39. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Judgment n.o.v.
Vertical agreements
National Ambient Air Quality Standards
The Environmental Quality Report
40. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Remediation
Retraction
Expropriation
'de nuvo'
41. 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
Mutual rescission
Demand assurance
Equal Credit Opportunity Act
'Takings'
42. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Adhesion
Common Law
Rule 147 of the Securities Act
Legal capacity
43. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Appellee or respondent
Regulation D of the Securities Act
Monopoly
44. The person who assigns her rights
Resource Conservation and Recovery Act
Obligee
Post-trial motions
Demurrer
45. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Incidental beneficiary
Affirm or disaffirm
Verdict
Rule 12b (6) motion
46. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Federal district court
Pension Benefit Guaranty Corporation (PBGC)
Section 5 of the Securities Act
Social Security Administration
47. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
National Labor Relations Board
Uniform Commercial Code ('UCC')
Fair Labor Standards Act (FLSA)
Sherman Act
48. 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
When an assignment becomes void
Option contract
'meeting of the minds'
Sham consideration
49. 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
Novation
Federal Trade Commission
Short swing profits
50. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Multilateral treaties
Supervening illegality
Promisee's rights
Legal capacity
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