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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. Actual performance of an obligation
Defenses against liability of misrepresentations or omissions
Restitution and rescission
Satisfaction
Writ of habeas corpus
2. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Bureau of Customs and Border Protection
Levels of courts
Restatement (Second) of Contracts
Defined contribution plan
3. 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.'
Production quotas
Assignment of rights
National Treatment
Federal Insurance Contributions Act
4. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Offer
Social Security Act
Illusory promise
Title VII of the Civil Rights Act of 1964
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
Mutual assent
Securities Act Registration
Personal jurisdiction
Equal Employment Opportunity Commission (EEOC)
6. Prohibits institutions from discrimination related to credit applications
Incidental beneficiary
Satisfaction
Federal Trade Commission (FTC)
Equal Credit Opportunity Act
7. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
National Ambient Air Quality Standards
Equal protection
Donee beneficiary
Condition
8. 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)
Federal question jurisdiction
Total breach
National Environmental Policy Act (NEPA)
Uniform Laws
9. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Trial court
Appellee or respondent
Proxy
Social Security Act
10. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Securities and Exchange Commission
Section 11 of the Securities Act
Horizontal agreement
Duress
11. 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.
Promisor's rights (in relation to the beneficiary)
Domicile
Superfund
Private placement
12. 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
Rule 506 of Regulation D of the Securities Act
Reliance damages
Revocability
Other constituency statutes
13. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Consideration
'clear and present'
Uniform Commercial Code ('UCC')
Levels of courts
14. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Retraction
Other constituency statutes
Expectation damages (also known as the 'benefit of the bargain')
Consumer protection
15. Legally recognized injury
Injury-in-fact
'Quid pro quo'
Involuntary proceeding
Legal capacity
16. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Lanham Act
Complete or total integration
Involuntary proceeding
Rule 12b (6) motion
17. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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18. 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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19. Prevents discrimination against employees who are 40years old or more
Chapter 7 of the Code
Export Administration Regulations (EAR)
Securities
Age Discrimination in Employment Act (ADEA)
20. A condition that must occur before a duty to perform arises
Condition precedent
Personal jurisdiction
Domicile
Summons
21. The person who assigns her rights
General Agreement on Tariffs and Trades
Specific performance
Federal district court
Obligee
22. When the creditor initiates the proceedings.
Misrepresentation
National Institute for Occupational Health
Personal jurisdiction
Involuntary proceeding
23. 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.
Unilateral mistake
Civil Law
Bona fide occupational qualification
Employee-at-will
24. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
Regulation D of the Securities Act
National Treatment
Process of appealing a case through the three levels of court
25. Oversees the purchase and sale of securities
Securities and Exchange Commission
Private placement
Mental incapacity
Collective bargaining
26. If the promisor substantially performs under teh contract
Partial or trivial breach
Substantive unconscionability
Uniform Laws
Group boycotts
27. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Standing
Legal capacity
Social Security Administration
28. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Levels of courts
Fair Labor Standards Act (FLSA)
Appellant
29. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Consumer protection
Res judicata
Export Administration Regulations (EAR)
Rules of interpretation of a contract by a court
30. When the debtor voluntarily initiates the bankruptcy proceedings
Jurisdiction
Voluntarily proceeding
Misstatement or omission
Civil Law
31. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Design defect
Superfund
Section 7A of the Clayton Act
32. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Executed exchange
Americans with Disabilities Act (ADA)
Duress
Administrative Procedure Act
33. Misrepresentation that was made with intent
Fraud
Uniform Laws
Pleadings
Legal detriment
34. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
'Past consideration'
Scienter
Section 4 of the Securities Act
Equity of redemption
35. 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.'
Security agreement
Limited jurisdiction
Liquidated damages clause
Offer
36. A situation where one person unfairly benefits from a transaction
Pension Benefit Guaranty Corporation (PBGC)
Unjust enrichment
Res judicata
Consideration
37. One of the primary federal federal statutes
Limited jurisdiction
Mutual mistake
Securities Act
Design defect
38. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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39. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Prosecution
Motion of directed verdict or of dismissal
Assignor
Gramm-Leach-Bliley Act
40. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
'Blue sky' laws
Discovery
Occupational Safety and Health Act
Foreign Sovereign Immunities Act
41. 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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42. Obtaining consumer's private financial information under false pretenses
Federal circuit court of appeals and the federal court of appeals
Pretexting
10-Q
Contract
43. The party that won in the previous court trial - but the other party is appealing the decision.
Perfected
Appellee or respondent
Process of appealing a case through the three levels of court
Corporate social responsibility
44. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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45. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Gift
Restitution and rescission
Promise
When an assignment becomes void
46. They represent the amount of money a party has spent in justifiable reliance on a contract.
Rule 504 of Regulation D of the Securities Act
Americans with Disabilities Act (ADA)
Reliance damages
Adhesion
47. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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48. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Judicial review
Common Law
Export Administration Regulations (EAR)
Occupational Safety and Health Act
49. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Affirmative defenses
Superfund
Pension Benefit Guaranty Corporation (PBGC)
Content-neutral restrictions
50. 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
Domicile
Section 10(b) and Rule 10b-5 of the Exchange Act
Chapter 7 of the Code
Federal Rules of Civil Procedures