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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 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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2. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
Effect of delegation
Employee-at-will
Security interest
3. 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.
Rule of reason
Examples of Uniform Laws
Vertical agreements
Motion to strike
4. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Mortgage
Complete or total integration
Common Law
Assignment of rights
5. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Employment discrimination
Chapter 11 of the Code
Proxy
'in pari delicto'
6. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Implied contracts
Counterclaims
Rule of reason
Deontological
7. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Section 7A of the Clayton Act
Direct damages
Monopoly
8. A pre-trial motion when the pleadings are vague or ambiguous.
Res judicata
Restitution and rescission
Obligee
Motion for a more definitive statement
9. Place of permanent residence
Unsecured creditor
Domicile
Motion for a more definitive statement
Rule 506 of Regulation D of the Securities Act
10. An exemption for offerings that occur primarily within one state.
Levels of courts
Vesting of beneficiary's rights
Rule 147 of the Securities Act
'clear and present'
11. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Mutual assent
Chapter 13 of the Code
The Environmental Quality Report
Federal district court
12. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Workers compensation laws
Obligor's rights
Indictment
Federal circuit court of appeals and the federal court of appeals
13. Seeks to promote market economics and democratic governments
Section 7A of the Clayton Act
Organization for Economic Co-operation and Development (OECD)
Strict liability
Affirm or disaffirm
14. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
The Environmental Quality Report
Complete or total integration
Suspect classification
Commercial speech
15. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Adhesion
Manufacturing defect
Plaintiff
Design defect
16. Inadequate warning of danger - which can be construed as a design defect
Horizontal agreement
Inadequate warning defect`
Public company
Stare decisis
17. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Mistake
Creditor beneficiary
Product liability
Discharge of contract
18. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Revocability
Examples of Uniform Laws
Bilateral treaties
19. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Reliance damages
Foreign Corrupt Practices Act
Equity of redemption
Express contract
20. The person to whom the right is assigned
Condition
National Labor Relations Board (NLRB)
Mortgage
Assignee
21. 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
Non-recoverable damages
Price fixing
Security agreement
Foreign Sovereign Immunities Act
22. When a control makes a profit purchasing and selling her shares within a six-month period
Automatic stay
Short swing profits
Plaintiff
National Labor Relations Board (NLRB)
23. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Securities and Exchange Commission
Occupational Safety and Health Administration (OSHA)
Regulation D of the Securities Act
Satisfaction
24. Automatic violations of the Sherman Act
Judicial review
Per se
Foreign Sovereign Immunities Act
Indictment
25. This is when the appellate court send the case back to the lower court for a new trial.
Beneficiary's rights
Remand
Employment discrimination
Contract with intoxicated persons
26. 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
Subject matter jurisdiction
Affirmative defenses
Writ of certiorari
Trial court
27. Negative causation - due diligence defense - ...
Securities Act Registration
Export Administration Act (EAA)
Defenses against liability of misrepresentations or omissions
Adhesion
28. Rules of ethics that govern the practice of law and the conduct of lawyers
Legal ethics
Contract
Gramm-Leach-Bliley Act
Quasi-suspect classification
29. If the promisor substantially performs under teh contract
Partial or trivial breach
Substantial performance
Mutual assent
Private placement
30. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Objective standard
Social Security Act
Title VII of the Civil Rights Act of 1964
Equal Pay Act (EPA)
31. Obtaining consumer's private financial information under false pretenses
Pretexting
Demurrer
Non-recoverable damages
Secured transaction
32. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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33. 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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34. An intent to deceive or defraud
Mistake
Scienter
Federal circuit court of appeals and the federal court of appeals
Counteroffer
35. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Corporate social responsibility
Examples of Uniform Laws
Equal Employment Opportunity Commission (EEOC)
'Takings'
36. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Ordinances
Discharge of contract
Assignee's rights
Administrative law judges
37. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Consumer protection
National Treatment
Deontological
National Labor Relations Board (NLRB)
38. 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.
Precedent
Implied contracts
Employee-at-will
Appellee or respondent
39. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Assignor
Charitable contributions
Administrative law judges
Securities Act
40. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Judgment n.o.v.
Market division
Duty to mitigate
Securities Exchange Act of 1934
41. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Concurrent conflict of interests
Federal question jurisdiction
Judicial review
Negative causation
42. Punitive damage - non-economic damages - and attorneys' fees
Criminal Law
A motion of summary judgement
Liability based on intentional tort
Non-recoverable damages
43. A promise that is inferred from a person's conduct or the circumstances of the transaction
Rule 504 of Regulation D of the Securities Act
Rules of construction
Implied contract
Lien
44. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
A motion of summary judgement
Bona fide occupational qualification
General jurisdiction
Securities and Exchange Commission
45. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Third party beneficiary
Pension Benefit Guaranty Corporation (PBGC)
Social Security Act
Creditor beneficiary
46. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Perfected
Manufacturing defect
Illusory promise
Superfund
47. Laws created by city councils or county boards - aimed at local matters
Limited jurisdiction
Mental incapacity
Ordinances
Injunction
48. Offering made to purchase all or a portion of the shares of a specific company
Illusory promise
Bureau of Consumer Protection
Process of assignment
Tender offers
49. When the creditor initiates the proceedings.
Motion for a more definitive statement
Involuntary proceeding
Rule 505 of Regulation D of the Securities Act
Perfected
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
Delegation
Involuntary proceeding
National Labor Relations Act
Negative causation