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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. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Domicile
Process of appealing a case through the three levels of court
Assignor
Securities Act
2. Words or actions an individual may have intended - but did not communicate
Subjective intent
Monopoly
Express contract
Discharge of contract
3. The obligor does not need to provide consent - but does need to be given notice.
National Ambient Air Quality Standards
Process of assignment
'de nuvo'
8-K
4. 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
Ordinances
Defined benefit plans
Model Rules of Professional Conduct
Subject matter jurisdiction
5. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Creditor beneficiary
Social Security Act
General jurisdiction
Manufacturing defect
6. Employers make payments to retired employees based on the length of their employment and the wages they received.
Defined benefit plans
Original jurisdiction
Prosecution
Intended beneficiaries of government contract
7. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Consumer protection
Burden of proof
Oral argument
Diminution in value
8. The creditor's security interest in real property
Answer
'Blue sky' laws
Clean Air Act
Mortgage
9. Prohibits institutions from discrimination related to credit applications
National Labor Relations Board
Rule 506 of Regulation D of the Securities Act
Prosecution
Equal Credit Opportunity Act
10. The person to whom the right is assigned
Mortgage
Deontological
Assignee
Res judicata
11. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Section 4 of the Securities Act
Administrative law judges
Plaintiff
Production quotas
12. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Involuntary proceeding
Res judicata
Sherman Act
'Takings'
13. 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
Title VII of the Civil Rights Act of 1964
Consequentialism
Misappropriation theory
Section 5 of the Securities Act
14. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Employee-at-will
'Mailbox' rule
Post-trial motions
General jurisdiction
15. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
'Quid pro quo'
Collective bargaining
Limited jurisdiction
16. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Option contract
Social entity or stakeholder theory of the corporation
Investment contracts
Securities Act
17. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Monopoly
Civil liability
Motion for a more definitive statement
Specific performance
18. Treaties entered into between two nations
Bilateral treaties
National Institute for Occupational Health
Civil liability
Condition concurrent
19. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
When an assignment becomes void
National Labor Relations Board
Federal Trade Commission (FTC)
Defined contribution plan
20. It is an action to avoid unjust enrichment.
Strict liability
Burden of proof
Restitution
Domicile
21. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Petit jury
Enabling acts
Verdict
Statutory Seller
22. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Demurrer
Clayton Act
Pension Benefit Guaranty Corporation (PBGC)
Federal district court
23. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Statute of limitations
Misstatement or omission
Intended beneficiary
Employee-at-will
24. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Truth in Lending Act
Tie-in agreement
Consumer protection
Substantial performance
25. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Other constituency statutes
Statutory Seller
Offer
Restitution
26. 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
Satisfaction
Priority of secured transactions
Duty to mitigate
Suspect classification
27. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Inadequate warning defect`
Demand assurance
Section 7A of the Clayton Act
Gratuitous assignment
28. 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
Misstatement or omission
Scienter
Resource Conservation and Recovery Act
Liquidated damages clause
29. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Per se
Obligor's rights
Expropriation
Tender offers
30. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Short swing profits
Supreme Court powers
'Mailbox' rule
31. 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
Employee-at-will
Mutual mistake
Common Law
Bilateral Investment Treaty program
32. 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
Bureau of Consumer Protection
Tie-in agreement
Administrative Procedure Act
Regulation D of the Securities Act
33. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Market division
Fair Credit Reporting Act
Retraction
34. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Consideration
Equal Pay Act (EPA)
Deliberation
Federal district court
35. 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
Res ipsa loquitor
Securities and Exchange Commission
Bureau of Consumer Protection
Direct damages
36. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Bilateral treaties
Economic waste
Rule of reason
Negative causation
37. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Design defect
Rules of interpretation of a contract by a court
Collateral
Discharge of contract
38. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Bilateral investment treaties
The Social Security Administration
Superfund
Prosecution
39. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
10-K
National Ambient Air Quality Standards
Bureau of Consumer Protection
40. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Clean Air Act
Federal question jurisdiction
Rational basis test
Fair Debt Collection Act
41. The right of both parties to gain information concerning the other party and her witnesses.
Equity of redemption
Criminal Law
Discovery
Process of appealing a case through the three levels of court
42. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Performance
Equal Credit Opportunity Act
Verdict
Contract law
43. Not discriminating against foreign product - thereby treating all products within their border equally
Total breach
National Treatment
Defenses against liability of misrepresentations or omissions
Clean Air Act
44. It is a promise stated in words - either oral or written.
Restatement (Second) of Contracts
Proxy
Express contract
Misstatement or omission
45. A party's damage award will be reduced by any loss he did or could have avoided.
Unilateral contract
Section 5 of the Securities Act
Breach
Duty to mitigate
46. 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.
Sham consideration
Process of appealing a case through the three levels of court
Motion of directed verdict or of dismissal
Liquidated damages clause
47. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Token consideration
Executed exchange
Treaties authority
Model Rules of Professional Conduct
48. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Misappropriation theory
Mutual assent
Obligor
Securities and Exchange Commission
49. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Express contract
Resource Conservation and Recovery Act
Charitable contributions
Age Discrimination in Employment Act (ADEA)
50. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Restatement (Second) of Contracts
Chapter 7 of the Code
Assignee's rights