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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. 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.
Bilateral Investment Treaty program
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Environmental Protection Agency (EPA)
Writ of habeas corpus
2. 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.
Who is liable
Mortgage
Mutual mistake
Defined benefit plans
3. 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)
Exclusive distributor agreements
'clear and present'
Diversity jurisdiction
Option contract
4. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Precedent
Discharge of contract
National Labor Relations Board (NLRB)
Bureau of Consumer Protection
5. 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
Intended beneficiaries of government contract
Parol Evidence Rule
Intended beneficiary
Legal detriment
6. 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.
Restatement (Second) of Contracts
Equity of redemption
Legal detriment
Judicial review
7. This is when the appellate court send the case back to the lower court for a new trial.
Preponderance of evidence
Remand
Consequentialism
Supreme Court powers
8. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Statute of limitations
Demand assurance
Contract law
Bilateral contract
9. 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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10. Prohibit discrimination based on pregnancy or childbirth
Fair Labor Standards Act (FLSA)
Exclusive distributor agreements
Federal question jurisdiction
Pregnancy Discrimination ACt
11. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
Equal Pay Act (EPA)
Section 701 of the Securities Act
Rule of reason
12. 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
Contracts that prohibit assignment
Attorney/client privilege
Unilateral contract
Gratuitous assignment
13. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Condition concurrent
The Statute of Frauds
Incidental beneficiary
Model Rules of Professional Conduct
14. 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
Equity of redemption
Expertised portion
Enabling acts
Condition subsequent
15. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Mutual rescission
Group boycotts
Workers compensation laws
Tie-in agreement
16. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Appellee or respondent
Social Security Administration
Assignor
17. It is a promise stated in words - either oral or written.
Commencing a lawsuit
Defendant
'in pari delicto'
Express contract
18. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
Commercial speech
Stare decisis
Token consideration
19. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Securities
Duty to mitigate
Verdict
Foreign Corrupt Practices Act
20. When both parties agree to rescind the contract
Counterclaims
Motion for a more definitive statement
Mutual rescission
Prospectus
21. The first court to consider an action
Condition subsequent
Original jurisdiction
Promisor's rights (in relation to the beneficiary)
'clear and present'
22. A creditor that does not have a security interest in any of the debtor's property or assets.
'due process'
Unsecured creditor
Rule 504 of Regulation D of the Securities Act
Plaintiff
23. 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
'Definite and certain'
Bilateral contract
Informed consent
Regulation S of the Securities Act
24. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Control persons
Multilateral treaties
Donee beneficiary
Federal Insurance Contributions Act
25. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Attorney/client privilege
Summons
Parol Evidence Rule
Production quotas
26. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Implied contract
Original jurisdiction
Verdict
27. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Voluntarily proceeding
Employment discrimination
Federal question jurisdiction
Delegation
28. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Regulation S of the Securities Act
Post-trial motions
General Agreement on Tariffs and Trades
Vesting of beneficiary's rights
29. An exemption for securities sold outside of the U.S.
Sherman Act
Promisee's rights
Regulation S of the Securities Act
Condition precedent
30. The obligation to establish his claims first
Federal Rules of Civil Procedures
Excuse of condition
Legal detriment
Burden of proof
31. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Uniform Laws
Contract
Administrative Procedure Act
Exclusive distributor agreements
32. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Implied contracts
Res judicata
Attachment
Revocation
33. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Resource Conservation and Recovery Act
Federal Trade Commission
Section 12(a)(2)
34. 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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35. 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.
Unilateral contract
Other constituency statutes
Donee beneficiary
Condition
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
Bureau of Consumer Protection
Intended beneficiaries of government contract
Judgment n.o.v.
Liquidated damages clause
37. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Employee Retirement Income Security Act (ERISA)
Trial court
Implied terms
38. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Demurrer
Bilateral investment treaties
Gift
Jurisdiction
39. An annual report required by the Exchange Act
10-K
Novation
Sham consideration
Personal jurisdiction
40. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Organization for Economic Co-operation and Development (OECD)
Effect of delegation
Any statutory seller
41. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Appellant
Federal Environmental Pesticide Control Act
Performance
Delegation
42. 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
Federal circuit court of appeals and the federal court of appeals
Nonexpertized portions
Quasi-suspect classification
Unjust enrichment
43. It regulates chemical substances
Total breach
Clean Air Act
'meeting of the minds'
Toxic Substances Control Act
44. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Subjective intent
Section 5 of the Securities Act
Defined benefit plans
Undue influence
45. 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
Satisfaction
Delegation
Reliance damages
Substantive unconscionability
46. When the jury retires to a separate room to decide the outcome of the case.
Answer
Environmental Protection Agency (EPA)
Unemployment compensation laws
Deliberation
47. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Section 10(b) and Rule 10b-5 of the Exchange Act
Consideration
Rules of construction
Employee-at-will
48. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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49. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Public company
Revocability
The Family and Medical Leave Act
'Mirror image' rule
50. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Counteroffer
The Statute of Frauds
Corporate social responsibility
Section 12 (a)(1) of the Securities Act