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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. Legally recognized injury
Resource Conservation and Recovery Act
National Labor Relations Board (NLRB)
Liability based on intentional tort
Injury-in-fact
2. The creditor's right to take possession of the property is called foreclosure
Trademark
National Ambient Air Quality Standards
Foreclosure
Fair Credit Reporting Act
3. Administers federal labor laws
National Labor Relations Board
Expertised portion
Limited jurisdiction
Sham consideration
4. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Foreign Corrupt Practices Act
Unjust enrichment
Appellee or respondent
Implied terms
5. Claims that the defendant has against the plaintiff
Statute of limitations
Counterclaims
Indictment
Unilateral mistake
6. 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
Liability based on intentional tort
Companies that are subject to the exchange act (Reporting companies)
Supervening illegality
Rules of construction
7. 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
A motion of summary judgement
Horizontal agreement
Implied contracts
Bilateral contract
8. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Section 12(a)(2)
Involuntary proceeding
Parol Evidence Rule
Defined benefit plans
9. A distinct mark or symbol that identifies a business and its products
Motion for a more definitive statement
Trademark
Scienter
Remand
10. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Bilateral contract
Assignment of rights
Nonexpertized portions
Enabling acts
11. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Employee-at-will
Levels of courts
Appellant
Negative causation
12. When the jury retires to a separate room to decide the outcome of the case.
Deliberation
Incidental beneficiary
Regulation A of the Securities Act
Sham consideration
13. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Rule of reason
Novation
Securities
Grand jury
14. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Fair Debt Collection Act
Federal question jurisdiction
Strict liability
Affirm or disaffirm
15. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Unconscionability
Content-neutral restrictions
Implied contracts
16. The promisor's failure to perform in accordance with the terms of the contract
Deliberation
Collective bargaining
Design defect
Breach
17. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Consideration
Condition precedent
Companies that are subject to the exchange act (Reporting companies)
Tie-in agreement
18. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Appellant
Excuse of condition
Export Administration Act (EAA)
Lien
19. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Anticipatory repudiation
Complete or total integration
Substantial performance
Other constituency statutes
20. 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
'Definite and certain'
Deontological
Contracts that prohibit assignment
Assignment of rights
21. This is when the appellate court send the case back to the lower court for a new trial.
Voluntarily proceeding
Consumer protection
Remand
'Past consideration'
22. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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23. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
National Institute for Occupational Health
Implied contracts
Charitable contributions
Bilateral investment treaties
24. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
The Social Security Administration
Indictment
Mistake
Defendant
25. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Federal Trade Commission
Section 12(a)(2)
Quasi-contract
Design defect
26. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Assignor
Export Administration Regulations (EAR)
Chapter 13 of the Code
Direct damages
27. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Materiality
Employee Retirement Income Security Act (ERISA)
Defined contribution plan
Chapter 7 of the Code
28. An exemption for certain small offerings
Security agreement
Regulation A of the Securities Act
Social Security Administration
Appellate jurisdiction
29. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
United States Bankruptcy Code ('Code')
Summons
Performance
Limited jurisdiction
30. 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.
Rules of construction
Security agreement
Excuse of condition
8-K
31. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Mutual rescission
Nonexpertized portions
Stare decisis
32. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Trust
Exchange Act Regulations
Treaties authority
Equal Pay Act (EPA)
33. A trust formed to dominate an industry
Novation
Monopoly
Section 12 (a)(1) of the Securities Act
Express contract
34. 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.
'meeting of the minds'
Personal jurisdiction
Sham consideration
Writ of certiorari
35. Laws created by city councils or county boards - aimed at local matters
Unjust enrichment
Section 12(a)(2)
Ordinances
Legal capacity
36. The person to whom the right is assigned
Assignee
Diversity jurisdiction
Tie-in agreement
Implied contracts
37. Actions designed to permanently reduce the health and safety risk associated with the site.
Intended beneficiary
Social Security Administration
Remediation
Social Security Act
38. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Rule 12b (6) motion
Lanham Act
Section 11 of the Securities Act
Negative causation
39. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Writ of certiorari
Condition concurrent
Deontological
Priority of secured transactions
40. One of the primary federal federal statutes
Summons
Employee Retirement Income Security Act (ERISA)
Securities Act
Mental incapacity
41. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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42. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Judgment n.o.v.
Fair Debt Collection Act
Exclusive distributor agreements
Mental incapacity
43. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Other constituency statutes
Donee beneficiary
Motion
Consideration
44. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Exclusive distributor agreements
Title VII of the Civil Rights Act of 1964
Materiality
Changed circumstances that allow a party to be excused from performance under the contract
45. 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
'due process'
Unsecured creditor
Appellant
Writ of certiorari
46. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Occupational Safety and Health Administration (OSHA)
Substantial performance
Diversity jurisdiction
Monopoly
47. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Unsecured creditor
Trial court
Parol Evidence Rule
Penalty
48. Prevents discrimination against employees who are 40years old or more
Occupational Safety and Health Administration (OSHA)
Foreign Corrupt Practices Act
Age Discrimination in Employment Act (ADEA)
Condition precedent
49. 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
Rule 504 of Regulation D of the Securities Act
'Mailbox' rule
Other constituency statutes
Common Law
50. The property that is the subject of a security interest
Involuntary proceeding
Collateral
Contract
Social Security Administration