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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. 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
Section 7A of the Clayton Act
Fair Debt Collection Act
Rule 147 of the Securities Act
Injury-in-fact
2. A quarterly report required by the Exchange Act
Bilateral investment treaties
10-Q
Vesting of beneficiary's rights
Legal capacity
3. 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
Equity of redemption
Legal capacity
Equal protection
4. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Substitutes of consideration
Retraction
Consequential damages
Affirmative defenses
5. 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)
Adhesion
Group boycotts
Prospectus
'in pari delicto'
6. 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
The Council on Environmental Quality
Rational basis test
Affirm or disaffirm
Counteroffer
7. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Section 5 of the Securities Act
Penalty
Fraud
8. 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
Bilateral investment treaties
Section 701 of the Securities Act
Administrative law judges
Rules of construction
9. 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
Securities Act Registration
Partial or trivial breach
Section 12(a)(2)
Objective standard
10. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Securities Act Registration
Federal circuit court of appeals and the federal court of appeals
Unilateral rescission
Discovery
11. 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
When an assignment becomes void
Motion for a more definitive statement
Rule 12b (6) motion
Original jurisdiction
12. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Equal Credit Opportunity Act
Writ of certiorari
Short swing profits
National Treatment
13. The exchange of promises or an exchange of a promise for a performance.
Occupational Safety and Health Act
Writ of certiorari
Bargained-for-exchange
National Labor Relations Act
14. An exemption for offerings that occur primarily within one state.
Social Security Act
When an assignment becomes void
Rule 147 of the Securities Act
Bargained-for-exchange
15. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Process of appealing a case through the three levels of court
Duties that cannot be delegated
Tender offers
Occupational Safety and Health Act
16. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Legal capacity
Chapter 13 of the Code
Vertical agreements
Market division
17. The promisor's failure to perform in accordance with the terms of the contract
'clear and present'
Beneficiary's rights
Economic waste
Breach
18. Regulates radio - television - and other forms of interstate communications
Bargained-for-exchange
Charitable contributions
Federal Communications Commission
Mental incapacity
19. When the jury retires to a separate room to decide the outcome of the case.
National Environmental Policy Act (NEPA)
Pleadings
Monopoly
Deliberation
20. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Federal Information Act
Pre-existing duty
Promisee's rights
Voluntarily proceeding
21. 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
Res ipsa loquitor
Trademark
Commencing a lawsuit
Express contract
22. Prohibit discrimination based on pregnancy or childbirth
Total breach
Pregnancy Discrimination ACt
Foreign Sovereign Immunities Act
The Environmental Quality Report
23. 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
Suspect classification
Security interest
Effect of delegation
Rule 506 of Regulation D of the Securities Act
24. An exemption for certain small offerings
A motion of summary judgement
Regulation A of the Securities Act
General Agreement on Tariffs and Trades
Secured transaction
25. The person being sued
Chapter 11 of the Code
Defendant
Federal question jurisdiction
Model Rules of Professional Conduct
26. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Chapter 11 of the Code
'meeting of the minds'
Proxy
Administrative Procedure Act
27. 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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28. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Gratuitous assignment
Total breach
Unemployment compensation laws
Appellate jurisdiction
29. Prevents discrimination against employees who are 40years old or more
Age Discrimination in Employment Act (ADEA)
Trademark
Section 4 of the Securities Act
Accredited investor
30. Oversees the purchase and sale of securities
Regulation A of the Securities Act
Appellee or respondent
Securities and Exchange Commission
Civil liability
31. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Age Discrimination in Employment Act (ADEA)
General jurisdiction
Investment contracts
Mistake
32. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Involuntary proceeding
Obligor's rights
Utilitarianism
Gratuitous assignment
33. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Res judicata
Jurisdiction
Rule 504 of Regulation D of the Securities Act
Express contract
34. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Expectation damages (also known as the 'benefit of the bargain')
Intended beneficiaries of government contract
Exchange Act Regulations
Foreign Sovereign Immunities Act
35. 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
Legal detriment
Statute of limitations
Revocability
'Infants' or 'minors'
36. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Injunction
Automatic stay
Promisor's rights (in relation to the beneficiary)
Suspect classification
37. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Intended beneficiary
Duties that cannot be delegated
Petit jury
Federal Communications Commission
38. A trivial defect in performance (the opposite of material breach).
Delegation
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
National Institute for Occupational Health
Substantial performance
39. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Oral argument
Exclusive distributor agreements
Occupational Safety and Health Act
Defined contribution plan
40. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
When an assignment becomes void
Answer
Assignee
Gramm-Leach-Bliley Act
41. 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
Materiality
'Past consideration'
Legal detriment
Retraction
42. A pre-trial motion when the pleadings are vague or ambiguous.
Suspect classification
Charitable contributions
Lien
Motion for a more definitive statement
43. 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
Mutual assent
Novation
Taking a contract 'out of the Statute of Frauds'
The Environmental Quality Report
44. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Res ipsa loquitor
Exchange Act Regulations
Misrepresentation
Strict liability
45. 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
National Treatment
Rule 505 of Regulation D of the Securities Act
Utilitarianism
Taking a contract 'out of the Statute of Frauds'
46. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Clean Water Act
Superfund
Objective standard
Market division
47. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Condition
Group boycotts
Exempt securities and transactions
48. 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.
Secured transaction
Token consideration
Judgment n.o.v.
Federal circuit court of appeals and the federal court of appeals
49. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Substantial performance
General jurisdiction
Condition precedent
Implied contracts
50. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Specific performance
Contract law
Bona fide occupational qualification
Enabling acts