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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 person being sued
Defendant
Creditor
Satisfaction
Remediation
2. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Penalty
Reliance
Social entity or stakeholder theory of the corporation
Scienter
3. When a party unlawfully indicate that he will not perform when the performance is due.
Foreclosure
Obligor's rights
Anticipatory repudiation
Gratuitous assignment
4. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Legal detriment
Contract
Per se
Section 10(b) and Rule 10b-5 of the Exchange Act
5. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Equal Credit Opportunity Act
Equal Pay Act (EPA)
Defendant
Limited jurisdiction
6. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
The Council on Environmental Quality
Enabling acts
Injunction
Exempt securities and transactions
7. Previous decisions made by decisions - by which the current judges must abide by.
Accredited investor
Precedent
Duty to mitigate
Assignor
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
Non-recoverable damages
Rule 144 of the Securities Act
Reliance
Rules of construction
9. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Environmental Protection Agency (EPA)
Uniform Laws
Post-trial motions
Misrepresentation
10. They represent losses that result from other transactions that are dependent upon the breached contract
Taking a contract 'out of the Statute of Frauds'
Counterclaims
Consequential damages
Strict liability
11. Defenses that would prevent the plaintiff from holding the defendant liable
Model Rules of Professional Conduct
Performance
Remand
Affirmative defenses
12. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Retraction
Civil Law
Injunction
Precedent
13. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Section 4 of the Securities Act
Revocability
Horizontal agreement
Production quotas
14. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Unconscionability
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Companies that are subject to the exchange act (Reporting companies)
Diversity jurisdiction
15. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Bilateral contract
Tender offers
Exclusive distributor agreements
Federal Rules of Civil Procedures
16. Obtaining consumer's private financial information under false pretenses
Pretexting
Pregnancy Discrimination ACt
Implied contracts
Consequentialism
17. 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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18. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Workers compensation laws
Rule of reason
Fair Debt Collection Act
National Labor Relations Act
19. 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
When an assignment becomes void
Quasi-suspect classification
Burden of proof
Exclusive dealing agreement
20. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Deontological
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Substantive unconscionability
Suspect classification
21. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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22. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Specific performance
Enabling acts
Standing
Burden of proof
23. It regulates chemical substances
Toxic Substances Control Act
Scienter
Diminution in value
Unemployment compensation laws
24. A company subject to the Exchange Act
National Labor Relations Board
Reporting company
Common Law
Exchange Act Regulations
25. The creditor's security interest in real property
Specialized federal courts
Mortgage
Export Administration Act (EAA)
Rule of reason
26. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Securities and Exchange Commission
Appellee or respondent
Expertised portion
27. The obligee who officially assigned over his rights
Production quotas
Horizontal agreement
Assignor
Consequential damages
28. Not discriminating against foreign product - thereby treating all products within their border equally
Grand jury
Legal detriment
National Treatment
Summons
29. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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30. 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
Option contract
Appellate jurisdiction
Oral argument
Exclusive distributor agreements
31. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Liquidated damages clause
Economic waste
Implied contracts
Misstatement or omission
32. Claims that the defendant has against the plaintiff
Summons
Federal Trade Commission
Gratuitous assignment
Counterclaims
33. An exemption for certain small offerings
Commercial speech
The Statute of Frauds
Statutory Seller
Regulation A of the Securities Act
34. 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.
The Family and Medical Leave Act
Excuse of condition
Monopoly
Demand assurance
35. It is an action to avoid unjust enrichment.
Condition concurrent
Accord
Restitution
Pretexting
36. 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
Mutual assent
Unilateral mistake
Charitable contributions
Legal detriment
37. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Substitutes of consideration
Writ of habeas corpus
'Ffour corners'
Rule 144 of the Securities Act
38. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Accord
Uniform Laws
Criminal Law
Oral argument
39. 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'
The Environmental Quality Report
Creditor beneficiary
Mortgage
Unsecured creditor
40. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Occupational Safety and Health Act
Charitable contributions
Promisee's rights
Mistake
41. This is when the appellate court send the case back to the lower court for a new trial.
Procedural unconscionability
Remand
Section 701 of the Securities Act
Administrative law judges
42. Regulates trusts and monopolies
Joint obligation
Petit jury
Assignment of rights
Federal Trade Commission
43. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
'meeting of the minds'
Misstatement or omission
Unilateral rescission
Hung jury
44. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Examples of Uniform Laws
Informed consent
Criminal Trial
Promisor's rights (in relation to the beneficiary)
45. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Negative causation
Section 5 of the Securities Act
Quasi-contract
Exclusive distributor agreements
46. Laws that states have passed that aim at regulating securities transactions within their states.
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47. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Termination of an invitation to make an offer
Trust
Security agreement
Criminal Law
48. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Preponderance of evidence
Creditor
Legal ethics
Injunction
49. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
Writ of habeas corpus
Exempt securities and transactions
Unemployment compensation laws
50. 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).
Product liability
Market division
Preponderance of evidence
National Labor Relations Act