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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. Automatic violations of the Sherman Act
Federal Trade Commission (FTC)
Material breach
Adhesion
Per se
2. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Commercial speech
Section 7A of the Clayton Act
Section 4 of the Securities Act
Sham consideration
3. Laws created by city councils or county boards - aimed at local matters
Creditor beneficiary
National Institute for Occupational Health
Ordinances
Mental incapacity
4. A contract that is made where two promises are outstanding.
Negative causation
Collective bargaining
Obligor's rights
Bilateral contract
5. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Illusory promise
Executed exchange
Secured transaction
Fair Debt Collection Act
6. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Petit jury
Sham consideration
Contracts that prohibit assignment
Priority of secured transactions
7. The property that is the subject of a security interest
Token consideration
Pleadings
Uniform Commercial Code ('UCC')
Collateral
8. Legally recognized injury
Consequential damages
Environmental Protection Agency
Injury-in-fact
Objective standard
9. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Expertised portion
Private placement
Unilateral rescission
10. 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)
Treaties authority
Federal Trade Commission
Mutual mistake
Tie-in agreement
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.
Private placement
Mistake
Mutual assent
Fair Labor Standards Act (FLSA)
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
National Labor Relations Board (NLRB)
Writ of habeas corpus
The Family and Medical Leave Act
13. 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.
Rational basis test
Consumer protection
Criminal Trial
Employee Retirement Income Security Act (ERISA)
14. If the promisor substantially performs under teh contract
Partial or trivial breach
Deontological
Breach
Unemployment compensation laws
15. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Federal circuit court of appeals and the federal court of appeals
When an assignment becomes void
Contract with intoxicated persons
Accord
16. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Adhesion
Equity of redemption
Bargained-for-exchange
Expropriation
17. 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
Consequentialism
Chapter 7 of the Code
A motion of summary judgement
Pleadings
18. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Equal Credit Opportunity Act
Jurisdiction
Res judicata
Contract
19. 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 -
Restitution
Title VII of the Civil Rights Act of 1964
Civil Law or Code Law
Liability based on intentional tort
20. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Civil Law
Exempt securities and transactions
Defined contribution plan
Federal Trade Commission (FTC)
21. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Age Discrimination in Employment Act (ADEA)
National Ambient Air Quality Standards
Short swing profits
Market division
22. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Equal protection
Misappropriation theory
Fraud
Per se
23. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Enabling acts
Section 5 of the Securities Act
Demand assurance
'Takings'
24. 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
National Labor Relations Act
Injury-in-fact
Assignee
Administrative Procedure Act
25. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Lien
Contract with intoxicated persons
Clean Water Act
Remediation
26. 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
Contract
Sham consideration
Unemployment compensation laws
27. 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
Demand assurance
'Blue sky' laws
'Takings'
Rules of construction
28. 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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29. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Vesting of beneficiary's rights
Discharge of contract
Examples of Uniform Laws
Bona fide occupational qualification
30. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Unsecured creditor
Answer
Automatic stay
Contract law
31. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Commencing a lawsuit
Rule 144 of the Securities Act
Implied terms
Chapter 11 of the Code
32. He has the enforceable right against the obligor because he is considered the real party interest.
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33. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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34. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Revocability
Bilateral contract
Duties that cannot be delegated
Assignor
35. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Penalty
Supreme Court powers
National Ambient Air Quality Standards
36. The party that won in the previous court trial - but the other party is appealing the decision.
Control persons
Appellee or respondent
'Ffour corners'
Pension Benefit Guaranty Corporation (PBGC)
37. 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
Consequentialism
Retraction
Ordinances
Nonexpertized portions
38. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Rule 504 of Regulation D of the Securities Act
Levels of courts
Securities and Exchange Commission
Voluntarily proceeding
39. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Discovery
Employment law
Monopoly
Federal Insurance Contributions Act
40. The party seeking to appeal the previous court's decision
Appellant
Breach
Pre-existing duty
National Labor Relations Board
41. Words or actions an individual may have intended - but did not communicate
Breach
Export Administration Act (EAA)
Subjective intent
Bilateral Investment Treaty program
42. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Motion of directed verdict or of dismissal
Appellant
Delegation
The Environmental Quality Report
43. Claims that the defendant has against the plaintiff
Implied contract
Contracts that prohibit assignment
Equal Employment Opportunity Commission (EEOC)
Counterclaims
44. When both parties agree to rescind the contract
Mutual rescission
Rule 144 of the Securities Act
Superfund
Subjective intent
45. Offering made to purchase all or a portion of the shares of a specific company
Implied contract
Tender offers
Resource Conservation and Recovery Act
Liquidated damages clause
46. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Diminution in value
Mental incapacity
Environmental Protection Agency
Substantive unconscionability
47. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Horizontal agreement
Injury-in-fact
Substantive unconscionability
Condition subsequent
48. When the jury retires to a separate room to decide the outcome of the case.
Offer
Answer
National Ambient Air Quality Standards
Deliberation
49. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
Occupational Safety and Health Administration (OSHA)
Retraction
Section 10(b) and Rule 10b-5 of the Exchange Act
50. 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
Judgment n.o.v.
Federal Trade Commission
National Labor Relations Act
Securities Act Registration