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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. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Breach
Unilateral rescission
Social entity or stakeholder theory of the corporation
Export Administration Act (EAA)
2. A creditor that does not have a security interest in any of the debtor's property or assets.
National Labor Relations Board
Sherman Act
Unsecured creditor
Equal Credit Opportunity Act
3. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Chapter 13 of the Code
Design defect
Injury-in-fact
Employment discrimination
4. 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
Duress
Clean Air Act
Illusory promise
Trial court
5. 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
Duress
Writ of habeas corpus
Truth in Lending Act
Intended beneficiaries of government contract
6. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Gramm-Leach-Bliley Act
Toxic Substances Control Act
Trust
Equal Employment Opportunity Commission (EEOC)
7. 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)
Supervening illegality
Misstatement or omission
Option contract
Counterclaims
8. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Examples of Uniform Laws
The Family and Medical Leave Act
Complete or total integration
9. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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10. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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11. Actual performance of an obligation
Diminution in value
'Mailbox' rule
Economic waste
Satisfaction
12. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Promisor's rights (in relation to the beneficiary)
Rule 12b (6) motion
Federal Trade Commission (FTC)
13. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Illusory promise
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Fair Debt Collection Act
Federal Communications Commission
14. Torts and contracts... represents law that regulates the relationships between parties.
Assignee
Civil Law
Adhesion
Novation
15. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
Occupational Safety and Health Administration (OSHA)
Regulation A of the Securities Act
Equal Employment Opportunity Commission (EEOC)
16. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Judicial review
Duress
'meeting of the minds'
Reliance
17. Prohibit discrimination based on pregnancy or childbirth
Pregnancy Discrimination ACt
Section 12 (a)(1) of the Securities Act
Obligor's rights
Mutual assent
18. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Federal question jurisdiction
Federal district court
Remediation
Termination of an invitation to make an offer
19. They represent the amount of money a party has spent in justifiable reliance on a contract.
Reliance damages
Promisor's rights (in relation to the beneficiary)
A motion of summary judgement
Goods
20. 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 -
Civil Law or Code Law
Condition concurrent
Supreme Court powers
Rule 144 of the Securities Act
21. 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.
'Mirror image' rule
Commencing a lawsuit
Novation
Malpractice
22. 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.'
Supervening illegality
Judgment n.o.v.
Superfund
Offer
23. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Writ of certiorari
Superfund
National Treatment
Prospectus
24. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Consequential damages
Environmental Protection Agency
Private placement
Export Administration Act (EAA)
25. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Misstatement or omission
Complete or total integration
Promise
Organization for Economic Co-operation and Development (OECD)
26. 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.
Employment law
Toxic Substances Control Act
Express contract
27. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Concurrent conflict of interests
Civil liability
Quasi-suspect classification
Collective bargaining
28. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Answer
Federal district court
Automatic stay
Obligor's rights
29. 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
Misappropriation theory
Duty to mitigate
Implied contract
Bilateral Investment Treaty program
30. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Administrative Procedure Act
Workers compensation laws
Restitution and rescission
Sham consideration
31. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Section 7A of the Clayton Act
Chapter 13 of the Code
Exchange Act Regulations
Counteroffer
32. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Securities Exchange Act of 1934
Gratuitous assignment
Condition subsequent
33. 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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34. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Charitable contributions
Contract
National Institute for Occupational Health
Common Law
35. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Monopoly
Fair Credit Reporting Act
Goods
Proxy
36. This is when the appellate court send the case back to the lower court for a new trial.
Duty to mitigate
Remand
Affirm or disaffirm
Rule 505 of Regulation D of the Securities Act
37. Manages the nation's social security system
The Social Security Administration
Implied contracts
Bureau of Consumer Protection
Appellant
38. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
'meeting of the minds'
Defined contribution plan
Employment discrimination
Voluntarily proceeding
39. 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
Equal Pay Act (EPA)
Delegation
Private placement
National Labor Relations Act
40. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Uniform Laws
Collective bargaining
Deliberation
Bona fide occupational qualification
41. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Injury-in-fact
Exclusive dealing agreement
Resource Conservation and Recovery Act
'Mirror image' rule
42. 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
Securities Exchange Act of 1934
Chapter 7 of the Code
Novation
National Labor Relations Board
43. It is an action to avoid unjust enrichment.
Civil Law or Code Law
Condition subsequent
Restitution
Negative causation
44. 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
Discovery
Scienter
Rules of construction
Equal protection
45. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Informed consent
Deliberation
Quasi-contract
Verdict
46. When a party unlawfully indicate that he will not perform when the performance is due.
Securities Act
Accredited investor
Unilateral rescission
Anticipatory repudiation
47. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
United States Bankruptcy Code ('Code')
Oral argument
Supervening illegality
Injury-in-fact
48. Rules of ethics that govern the practice of law and the conduct of lawyers
Legal ethics
Mental incapacity
Section 12 (a)(1) of the Securities Act
National Institute for Occupational Health
49. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Process of appealing a case through the three levels of court
Restitution
Concurrent conflict of interests
Exchange Act Regulations
50. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Equity of redemption
Accord
Reporting company
Injury-in-fact