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Test your basic knowledge |
CLEP Introductory Business Law
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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 the creditor initiates the proceedings.
Involuntary proceeding
Liquidated damages clause
Consequentialism
Occupational Safety and Health Act
2. 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
Rule 12b (6) motion
Effect of delegation
Statutory Seller
Hung jury
3. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Equal protection
Legal capacity
Statute of limitations
National Labor Relations Board
4. 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.
Private placement
Environmental Protection Agency
The Council on Environmental Quality
Misstatement or omission
5. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Limited jurisdiction
Affirm or disaffirm
Expropriation
National Environmental Policy Act (NEPA)
6. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Levels of courts
10-Q
Plaintiff
Option contract
7. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Jurisdiction
'Ffour corners'
Indictment
Administrative law judges
8. 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
Federal Insurance Contributions Act
Section 701 of the Securities Act
Effect of delegation
Objective standard
9. When there is no bargained-for exchange - because there is no exchange.
Priority of secured transactions
Assignee's rights
Stare decisis
Gift
10. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Exchange Act Regulations
Social Security Administration
Procedural unconscionability
Writ of certiorari
11. Obtaining consumer's private financial information under false pretenses
Duty to mitigate
Delegation
Goods
Pretexting
12. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Section 7A of the Clayton Act
Civil Law
'due process'
Unilateral rescission
13. Actual performance of an obligation
Contract law
Satisfaction
Parol Evidence Rule
Security interest
14. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Criminal Law
Charitable contributions
Scienter
National Institute for Occupational Health
15. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Procedural unconscionability
Exempt securities and transactions
Negative causation
Unjust enrichment
16. 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)
Environmental Protection Agency
Standing
Pregnancy Discrimination ACt
Option contract
17. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Workers compensation laws
Occupational Safety and Health Administration (OSHA)
Section 12 (a)(1) of the Securities Act
Bureau of Customs and Border Protection
18. The first court to consider an action
'due process'
Exclusive distributor agreements
Any statutory seller
Original jurisdiction
19. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Securities Act Registration
Rule 505 of Regulation D of the Securities Act
Quasi-contract
Securities and Exchange Commission
20. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Pretexting
Rule 504 of Regulation D of the Securities Act
Petit jury
Donee beneficiary
21. 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.
Corporate social responsibility
Age Discrimination in Employment Act (ADEA)
Private placement
Fair Credit Reporting Act
22. It is a pre-trial motion to take out certain matters
Personal jurisdiction
Common Law
Chapter 7 of the Code
Motion to strike
23. 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
Rule 504 of Regulation D of the Securities Act
Intended beneficiaries of government contract
Liquidated damages clause
Age Discrimination in Employment Act (ADEA)
24. An exemption for certain small offerings
Regulation A of the Securities Act
United States Bankruptcy Code ('Code')
Regulation S of the Securities Act
Charitable contributions
25. 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
Parol Evidence Rule
Assignee
Contracts that prohibit assignment
Occupational Safety and Health Administration (OSHA)
26. 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)
Group boycotts
Substantial performance
Procedural unconscionability
Liability based on intentional tort
27. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Penalty
Creditor
'Takings'
Restitution and rescission
28. 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.'
Legal capacity
Federal Information Act
Civil liability
Collective bargaining
29. 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.
When an assignment becomes void
Parol Evidence Rule
'Past consideration'
Employee-at-will
30. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Trademark
Reporting company
A motion of summary judgement
31. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Concurrent conflict of interests
Statute of limitations
Rule 12b (6) motion
Proxy
32. The property that is the subject of a security interest
Rule of reason
Attorney/client privilege
Collateral
Gratuitous assignment
33. 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
Rules of construction
Duress
Pregnancy Discrimination ACt
Employment discrimination
34. When a party unlawfully indicate that he will not perform when the performance is due.
Anticipatory repudiation
Accord
Tie-in agreement
Clean Air Act
35. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Motion
Materiality
Substantive unconscionability
36. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Environmental Protection Agency (EPA)
Unconscionability
Public company
Pension Benefit Guaranty Corporation (PBGC)
37. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Performance
Administrative Procedure Act
Supreme Court powers
Federal question jurisdiction
38. 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
United States Bankruptcy Code ('Code')
Federal Rules of Civil Procedures
Rule 147 of the Securities Act
National Labor Relations Act
39. This is when the appellate court send the case back to the lower court for a new trial.
Remand
Mutual assent
Promisor's rights (in relation to the beneficiary)
Social Security Administration
40. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Non-recoverable damages
Equal Employment Opportunity Commission (EEOC)
Fair Debt Collection Act
Collateral
41. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Bilateral investment treaties
Securities Exchange Act of 1934
Nonexpertized portions
Penalty
42. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Token consideration
Federal circuit court of appeals and the federal court of appeals
Market division
Unemployment compensation laws
43. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Corporate social responsibility
Materiality
Collateral
'Past consideration'
44. 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)
Tie-in agreement
Parol Evidence Rule
Federal Information Act
Appellee or respondent
45. 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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46. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Consequential damages
Answer
Age Discrimination in Employment Act (ADEA)
Promisee's rights
47. 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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48. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Reporting company
Trademark
Export Administration Act (EAA)
49. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Specific performance
Attorney/client privilege
Affirmative defenses
Fair Labor Standards Act (FLSA)
50. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Multilateral treaties
Penalty
Uniform Laws
Material breach
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