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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. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Employee-at-will
Subject matter jurisdiction
Vertical agreements
Substantial performance
2. It is a pre-trial motion to take out certain matters
Motion to strike
Priority of secured transactions
Unilateral rescission
Clean Water Act
3. Obtaining consumer's private financial information under false pretenses
Securities Act Registration
Pretexting
Delegation
10-K
4. 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
Deontological
Unconscionability
Federal question jurisdiction
Injury-in-fact
5. Torts and contracts... represents law that regulates the relationships between parties.
Exchange Act Regulations
Civil Law
Tender offers
Examples of Uniform Laws
6. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Clayton Act
Judicial review
Export Administration Act (EAA)
Security interest
7. 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
Rules of construction
Title VII of the Civil Rights Act of 1964
Tender offers
Deontological
8. Treaties entered into between two nations
Rule 144 of the Securities Act
Uniform Laws
Bilateral treaties
Materiality
9. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Grand jury
Restatement (Second) of Contracts
'Blue sky' laws
Civil liability
10. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Federal Insurance Contributions Act
Promisee's rights
Contract law
Administrative law judges
11. The right to hold a security interest on a debtor's property.
Discharge of contract
Lien
Demand assurance
Attorney/client privilege
12. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Complete or total integration
Equal Pay Act (EPA)
Mortgage
13. The party seeking to appeal the previous court's decision
Affirmative defenses
Appellant
8-K
Materiality
14. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Specialized federal courts
Manufacturing defect
Scienter
Motion of directed verdict or of dismissal
15. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Bilateral investment treaties
'Takings'
Changed circumstances that allow a party to be excused from performance under the contract
Gratuitous assignment
16. 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.
Donee beneficiary
Oral argument
Sham consideration
Uniform Laws
17. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Expertised portion
Fair Labor Standards Act (FLSA)
Unilateral rescission
Pension Benefit Guaranty Corporation (PBGC)
18. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Horizontal agreement
Delegation
Workers compensation laws
Administrative law judges
19. A condition that must occur before a duty to perform arises
Occupational Safety and Health Act
Total breach
Rational basis test
Condition precedent
20. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
The Council on Environmental Quality
Option contract
Defined contribution plan
21. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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22. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Securities
Occupational Safety and Health Act
Multilateral treaties
Specialized federal courts
23. 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
Ordinances
Commencing a lawsuit
Motion of directed verdict or of dismissal
Restitution and rescission
24. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
National Environmental Policy Act (NEPA)
Remediation
Shareholder primacy
Duress
25. A current report required by the Exchange Act
8-K
Performance
Any statutory seller
Token consideration
26. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Foreign Corrupt Practices Act
'Ffour corners'
Condition subsequent
Accredited investor
27. The agreement to create a security interest
Security agreement
Equal Employment Opportunity Commission (EEOC)
Voluntarily proceeding
10-K
28. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Chapter 13 of the Code
Title VII of the Civil Rights Act of 1964
Export Administration Regulations (EAR)
Who is liable
29. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Export Administration Regulations (EAR)
Mortgage
The Statute of Frauds
Supreme Court powers
30. 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
Employee Retirement Income Security Act (ERISA)
Equity of redemption
Promisor's rights (in relation to the beneficiary)
Defined contribution plan
31. 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
Unilateral mistake
Misappropriation theory
Creditor beneficiary
Promisor's rights (in relation to the beneficiary)
32. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Malpractice
Obligor's rights
Common Law
Tender offers
33. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Implied contract
Answer
Federal Communications Commission
Americans with Disabilities Act (ADA)
34. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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35. An exemption for certain small offerings
Collateral
Charitable contributions
Verdict
Regulation A of the Securities Act
36. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Standing
Retraction
National Institute for Occupational Health
Federal question jurisdiction
37. The person to whom the right is assigned
Assignee
Proxy
Civil Law
'Quid pro quo'
38. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Grand jury
Third party beneficiary
Resource Conservation and Recovery Act
Demurrer
39. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Oral argument
Trust
Administrative Procedure Act
Revocation
40. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Sham consideration
Statute of limitations
Collective bargaining
Revocation
41. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
'due process'
Environmental Protection Agency (EPA)
General jurisdiction
Occupational Safety and Health Act
42. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
8-K
Who is liable
Substantive unconscionability
Non-recoverable damages
43. 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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44. A company subject to the Exchange Act
Reporting company
Indictment
Regulation S of the Securities Act
Statute of limitations
45. 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.
Specific performance
Environmental Protection Agency
Novation
Illusory promise
46. 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
Judicial review
Subject matter jurisdiction
Quasi-suspect classification
Administrative Procedure Act
47. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
'de nuvo'
Per se
Counteroffer
Mutual mistake
48. The obligor does not need to provide consent - but does need to be given notice.
Ordinances
Bilateral contract
Appellant
Process of assignment
49. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Companies that are subject to the exchange act (Reporting companies)
Total breach
Duty to mitigate
50. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
'in pari delicto'
Corporate social responsibility
Fair Debt Collection Act
Affirm or disaffirm