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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 represents a request for the court to take some action. A motion can be filed by a defendant.
Stare decisis
Motion
Fair Credit Reporting Act
Assignment of rights
2. 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
Mutual mistake
Scienter
Federal Rules of Civil Procedures
Proxy
3. 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
Ordinances
Objective standard
Social Security Administration
Third party beneficiary
4. 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
Restitution
Occupational Safety and Health Act
Rules of construction
Misstatement or omission
5. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Promisee's rights
'Past consideration'
Judgment n.o.v.
Fair Labor Standards Act (FLSA)
6. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Petit jury
Market division
Contract
Changed circumstances that allow a party to be excused from performance under the contract
7. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Clayton Act
Foreign Corrupt Practices Act
Unilateral rescission
Bilateral investment treaties
8. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Duties that cannot be delegated
When an assignment becomes void
8-K
Uniform Commercial Code ('UCC')
9. An exemption for securities sold outside of the U.S.
Partial or trivial breach
Collateral
Unsecured creditor
Regulation S of the Securities Act
10. 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.
Injunction
The Statute of Frauds
Express contract
Mental incapacity
11. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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12. 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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13. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
'Ffour corners'
Environmental Protection Agency
Rule 505 of Regulation D of the Securities Act
14. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Shareholder primacy
Donee beneficiary
Indictment
Secured transaction
15. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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16. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Regulation A of the Securities Act
Defined contribution plan
Legal capacity
Employment law
17. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Occupational Safety and Health Act
Consideration
Supervening illegality
18. 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
Counterclaims
Rule 147 of the Securities Act
Liquidated damages clause
Federal circuit court of appeals and the federal court of appeals
19. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Defined contribution plan
Equal Pay Act (EPA)
Attorney/client privilege
Verdict
20. Regulates trusts and monopolies
Answer
Federal Trade Commission (FTC)
Obligor's rights
Federal Trade Commission
21. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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22. 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.
Subject matter jurisdiction
Federal Insurance Contributions Act
Third party beneficiary
National Labor Relations Board
23. The right to hold a security interest on a debtor's property.
Public company
Lien
Rule of reason
Resource Conservation and Recovery Act
24. 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'
Section 11 of the Securities Act
Remediation
Proxy
Implied terms
25. This is when the appellate court send the case back to the lower court for a new trial.
Securities
Foreign Sovereign Immunities Act
Remand
Federal Insurance Contributions Act
26. 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
Mortgage
Bilateral contract
Horizontal agreement
Reliance damages
27. A trust formed to dominate an industry
Nonexpertized portions
'Definite and certain'
Monopoly
'Mailbox' rule
28. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
8-K
Intended beneficiary
Sherman Act
Rules of interpretation of a contract by a court
29. The first court to consider an action
Legal ethics
8-K
Original jurisdiction
Statutory Seller
30. They represent the amount of money a party has spent in justifiable reliance on a contract.
Reliance damages
Pension Benefit Guaranty Corporation (PBGC)
Appellate jurisdiction
'Quid pro quo'
31. It is a promise stated in words - either oral or written.
Contract
Preponderance of evidence
Express contract
Creditor
32. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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33. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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34. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Equal Pay Act (EPA)
Charitable contributions
Shareholder primacy
National Institute for Occupational Health
35. 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.
Model Rules of Professional Conduct
Federal district court
Scienter
Sham consideration
36. Prevents discrimination against employees who are 40years old or more
Ordinances
Short swing profits
Age Discrimination in Employment Act (ADEA)
Securities and Exchange Commission
37. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Effect of delegation
Suspect classification
10-K
Motion
38. Obtaining consumer's private financial information under false pretenses
Production quotas
Pretexting
Perfected
National Treatment
39. 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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40. A condition that must occur before a duty to perform arises
Burden of proof
Condition precedent
'Blue sky' laws
Reliance
41. 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.
Discovery
Total breach
Unconscionability
Vertical agreements
42. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Monopoly
Appellant
Injury-in-fact
43. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Exclusive distributor agreements
Specific performance
Section 12(a)(2)
44. A supervening stature makes a contract illegal - and thereby makes performance impossible
Unilateral mistake
Supervening illegality
Penalty
Motion for a more definitive statement
45. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Americans with Disabilities Act (ADA)
Regulation A of the Securities Act
Total breach
Regulation S of the Securities Act
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
Substantive unconscionability
Clean Water Act
Delegation
Common Law
47. 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
Sherman Act
Exempt securities and transactions
Section 12 (a)(1) of the Securities Act
Supervening illegality
48. 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.
Workers compensation laws
Discharge of contract
Title VII of the Civil Rights Act of 1964
Diversity jurisdiction
49. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Fraud
Mistake
Standing
Control persons
50. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Promisor's rights (in relation to the beneficiary)
Promisee's rights
Prosecution
'due process'