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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. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Affirm or disaffirm
Statute of limitations
Breach
Informed consent
2. 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
Horizontal agreement
Priority of secured transactions
Federal Communications Commission
'in pari delicto'
3. The property that is the subject of a security interest
Occupational Safety and Health Administration (OSHA)
Collateral
Pleadings
Unilateral mistake
4. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Motion of directed verdict or of dismissal
Burden of proof
Performance
Environmental Protection Agency
5. 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
Appellate jurisdiction
'Mirror image' rule
Rule 12b (6) motion
When an assignment becomes void
6. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Bilateral investment treaties
Corporate social responsibility
Group boycotts
Multilateral treaties
7. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Post-trial motions
Assignment of rights
Defined benefit plans
Strict liability
8. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Changed circumstances that allow a party to be excused from performance under the contract
Monopoly
Malpractice
9. 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
Writ of certiorari
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Other constituency statutes
'Mirror image' rule
10. An exemption for offerings that occur primarily within one state.
Title VII of the Civil Rights Act of 1964
Personal jurisdiction
Rule 147 of the Securities Act
Diminution in value
11. Regulates trusts and monopolies
Demurrer
Federal Trade Commission
Incidental beneficiary
Satisfaction
12. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Collateral
Civil Law or Code Law
Specific performance
Sham consideration
13. It is an action to avoid unjust enrichment.
'clear and present'
Restitution
Domicile
Federal Information Act
14. When the jury retires to a separate room to decide the outcome of the case.
Manufacturing defect
Total breach
Suspect classification
Deliberation
15. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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16. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Public company
Goods
Discharge of contract
'due process'
17. Regulates radio - television - and other forms of interstate communications
Toxic Substances Control Act
Employment discrimination
Federal Communications Commission
Beneficiary's rights
18. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Short swing profits
Hung jury
Writ of habeas corpus
19. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Supervening illegality
Undue influence
Section 5 of the Securities Act
20. A contract that is made where two promises are outstanding.
The Family and Medical Leave Act
'de nuvo'
Exchange Act Regulations
Bilateral contract
21. A supervening stature makes a contract illegal - and thereby makes performance impossible
Mutual mistake
Accord
Securities and Exchange Commission
Supervening illegality
22. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Writ of habeas corpus
Federal Insurance Contributions Act
Superfund
Section 12 (a)(1) of the Securities Act
23. The documents that parties file in connection with their lawsuit
Exempt securities and transactions
Indictment
Pleadings
Foreign Corrupt Practices Act
24. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Federal Information Act
Section 10(b) and Rule 10b-5 of the Exchange Act
Restatement (Second) of Contracts
Civil Law or Code Law
25. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Securities Act Registration
Hung jury
National Treatment
Res ipsa loquitor
26. Obtaining consumer's private financial information under false pretenses
Material breach
Motion to strike
Pretexting
Concurrent conflict of interests
27. An intent to deceive or defraud
Scienter
Objective standard
Other constituency statutes
Accredited investor
28. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Rule 506 of Regulation D of the Securities Act
Indictment
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Misrepresentation
29. 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.
Americans with Disabilities Act (ADA)
Public company
Uniform Laws
Promise
30. 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
Petit jury
Vertical agreements
Duties that cannot be delegated
31. A trust formed to dominate an industry
Production quotas
Specific performance
Contracts that prohibit assignment
Monopoly
32. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Section 11 of the Securities Act
National Ambient Air Quality Standards
Federal question jurisdiction
Total breach
33. 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.
Subject matter jurisdiction
Jurisdiction
Duties that cannot be delegated
Rules of construction
34. Prohibits institutions from discrimination related to credit applications
Superfund
Securities Act Registration
Motion to strike
Equal Credit Opportunity Act
35. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Intended beneficiaries of government contract
Creditor beneficiary
Securities and Exchange Commission
A motion of summary judgement
36. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Federal district court
Unjust enrichment
Objective standard
Title VII of the Civil Rights Act of 1964
37. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Condition
Occupational Safety and Health Administration (OSHA)
Tie-in agreement
Jurisdiction
38. 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
Truth in Lending Act
Verdict
Employee Retirement Income Security Act (ERISA)
Promise
39. When a control makes a profit purchasing and selling her shares within a six-month period
Taking a contract 'out of the Statute of Frauds'
Short swing profits
Informed consent
Grand jury
40. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Ordinances
Fair Labor Standards Act (FLSA)
Securities
Uniform Commercial Code ('UCC')
41. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Workers compensation laws
Substantive unconscionability
Export Administration Regulations (EAR)
42. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Lanham Act
Verdict
Chapter 7 of the Code
Federal Trade Commission (FTC)
43. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trust
Motion
Diversity jurisdiction
Diminution in value
44. 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
Delegation
Discharge of contract
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
The Council on Environmental Quality
45. 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.
Obligor's rights
Rule 12b (6) motion
Appellee or respondent
Federal Rules of Civil Procedures
46. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Appellate jurisdiction
The Statute of Frauds
Uniform Commercial Code ('UCC')
Rule 147 of the Securities Act
47. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Demurrer
Federal district court
Consequential damages
Content-neutral restrictions
48. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Remediation
Rule 12b (6) motion
Restatement (Second) of Contracts
Excuse of condition
49. This is when the appellate court send the case back to the lower court for a new trial.
Remand
The Social Security Administration
Promisor's rights (in relation to the beneficiary)
National Labor Relations Board (NLRB)
50. The right of both parties to gain information concerning the other party and her witnesses.
Incidental beneficiary
Discovery
Securities Act Registration
Production quotas