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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 a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Complete or total integration
Occupational Safety and Health Act
Employee-at-will
Fair Credit Reporting Act
2. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Age Discrimination in Employment Act (ADEA)
Restatement (Second) of Contracts
Exclusive dealing agreement
3. 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
Substantial performance
Economic waste
Rule 506 of Regulation D of the Securities Act
Attachment
4. 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.'
Reporting company
Offer
Unemployment compensation laws
Pretexting
5. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Proxy
Total breach
Express contract
Personal jurisdiction
6. 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.'
Assignment of rights
Pleadings
Motion
National Institute for Occupational Health
7. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Reporting company
Verdict
Public company
Bilateral investment treaties
8. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Mortgage
Environmental Protection Agency (EPA)
Unilateral rescission
Direct damages
9. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Environmental Protection Agency (EPA)
A motion of summary judgement
Exclusive dealing agreement
Section 12 (a)(1) of the Securities Act
10. The right to hold a security interest on a debtor's property.
Promise
Appellant
National Labor Relations Board (NLRB)
Lien
11. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Defenses against liability of misrepresentations or omissions
Securities and Exchange Commission
National Treatment
Occupational Safety and Health Act
12. Inadequate warning of danger - which can be construed as a design defect
Intended beneficiaries of government contract
Process of assignment
Specific performance
Inadequate warning defect`
13. Actual performance of an obligation
Contract
Satisfaction
Equal Employment Opportunity Commission (EEOC)
Condition concurrent
14. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Examples of Uniform Laws
Automatic stay
Bilateral treaties
15. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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16. When the creditor initiates the proceedings.
Unilateral contract
Appellate jurisdiction
Involuntary proceeding
Exclusive dealing agreement
17. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Vertical agreements
'due process'
Securities
Consequential damages
18. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Unilateral mistake
Duty to mitigate
Lien
Security interest
19. Regulates the handling of the pesticides being exported from and imported into the U.S.
Accord
Uniform Laws
Section 701 of the Securities Act
Federal Environmental Pesticide Control Act
20. The obligee who officially assigned over his rights
Remediation
Revocation
Injury-in-fact
Assignor
21. A trivial defect in performance (the opposite of material breach).
Rule 12b (6) motion
Foreclosure
Gramm-Leach-Bliley Act
Substantial performance
22. 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.
Token consideration
Environmental Protection Agency
National Institute for Occupational Health
Limited jurisdiction
23. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Discharge of contract
Unemployment compensation laws
Consequentialism
Bargained-for-exchange
24. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Goods
Federal Information Act
Securities
25. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Expropriation
Employee Retirement Income Security Act (ERISA)
Termination of an invitation to make an offer
Bargained-for-exchange
26. 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
Total breach
Indictment
Expertised portion
Equity of redemption
27. It represents a request for the court to take some action. A motion can be filed by a defendant.
Express contract
Intended beneficiary
Motion
'in pari delicto'
28. 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.
Judicial review
10-Q
Res judicata
'in pari delicto'
29. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Precedent
Equal Credit Opportunity Act
Expropriation
Concurrent conflict of interests
30. 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
Fraud
Criminal Law
Intended beneficiaries of government contract
Malpractice
31. 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
Administrative Procedure Act
Common Law
Defined benefit plans
32. An exemption for certain small offerings
Price fixing
Regulation A of the Securities Act
Discovery
Resource Conservation and Recovery Act
33. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Incidental beneficiary
Rule of reason
Pregnancy Discrimination ACt
Administrative Procedure Act
34. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Attorney/client privilege
Sherman Act
Federal question jurisdiction
Legal detriment
35. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Administrative Procedure Act
Subject matter jurisdiction
Tender offers
Rule 144 of the Securities Act
36. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Unilateral rescission
Uniform Laws
Commencing a lawsuit
Section 5 of the Securities Act
37. 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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38. Regulates trusts and monopolies
Sham consideration
National Labor Relations Act
Federal Trade Commission
Duress
39. 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.
Complete or total integration
Non-recoverable damages
Rational basis test
'Definite and certain'
40. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Jurisdiction
Discharge of contract
Specialized federal courts
Assignee's rights
41. If the promisor substantially performs under teh contract
'meeting of the minds'
Civil liability
Partial or trivial breach
Environmental Protection Agency (EPA)
42. When the jury retires to a separate room to decide the outcome of the case.
Enabling acts
Federal Environmental Pesticide Control Act
Diversity jurisdiction
Deliberation
43. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Social entity or stakeholder theory of the corporation
Restatement (Second) of Contracts
Securities and Exchange Commission
Accredited investor
44. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Rule 12b (6) motion
Unemployment compensation laws
Condition concurrent
Taking a contract 'out of the Statute of Frauds'
45. 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.
Rules of interpretation of a contract by a court
Token consideration
10-K
Rule 505 of Regulation D of the Securities Act
46. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Excuse of condition
Securities and Exchange Commission
Hung jury
Jurisdiction
47. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Collateral
Affirm or disaffirm
Uniform Laws
The Council on Environmental Quality
48. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Enabling acts
Specialized federal courts
Writ of habeas corpus
Clayton Act
49. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Creditor
Prospectus
Excuse of condition
Age Discrimination in Employment Act (ADEA)
50. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Motion to strike
Liability based on intentional tort
Appellant