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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. A supervening stature makes a contract illegal - and thereby makes performance impossible
Section 7A of the Clayton Act
National Treatment
Supervening illegality
Utilitarianism
2. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Motion to strike
Donee beneficiary
Monopoly
Intended beneficiary
3. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
When an assignment becomes void
Multilateral treaties
Corporate social responsibility
Prosecution
4. An exemption for offerings that occur primarily within one state.
Changed circumstances that allow a party to be excused from performance under the contract
Regulation S of the Securities Act
Rule 147 of the Securities Act
Contracts that prohibit assignment
5. They represent losses that result from other transactions that are dependent upon the breached contract
Domicile
'Infants' or 'minors'
A motion of summary judgement
Consequential damages
6. It regulates chemical substances
Toxic Substances Control Act
Novation
Environmental Protection Agency
Social entity or stakeholder theory of the corporation
7. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
United States Bankruptcy Code ('Code')
Unemployment compensation laws
Federal Insurance Contributions Act
Attachment
8. Obtaining consumer's private financial information under false pretenses
Pleadings
Pretexting
Clean Air Act
National Institute for Occupational Health
9. 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.
Satisfaction
Motion of directed verdict or of dismissal
Export Administration Act (EAA)
Production quotas
10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Price fixing
Appellee or respondent
Securities and Exchange Commission
Substitutes of consideration
11. 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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12. The Constitution makes treaties the 'supreme law of the land'
Treaties authority
Intended beneficiaries of government contract
Duress
Employment law
13. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Price fixing
Remediation
Offer
General Agreement on Tariffs and Trades
14. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Toxic Substances Control Act
Complete or total integration
'due process'
Demand assurance
15. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
'Blue sky' laws
Bureau of Consumer Protection
8-K
Sherman Act
16. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Clayton Act
Organization for Economic Co-operation and Development (OECD)
Federal Environmental Pesticide Control Act
Perfected
17. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Personal jurisdiction
Discharge of contract
10-Q
18. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Clayton Act
Security interest
Original jurisdiction
Direct damages
19. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Process of appealing a case through the three levels of court
Environmental Protection Agency (EPA)
Social Security Act
Chapter 7 of the Code
20. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Equal protection
Penalty
Unilateral rescission
Obligor
21. Offering made to purchase all or a portion of the shares of a specific company
Substantive unconscionability
Indictment
Bilateral contract
Tender offers
22. 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
Fair Labor Standards Act (FLSA)
Suspect classification
Tender offers
Liquidated damages clause
23. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Collective bargaining
Bilateral treaties
Rule of reason
Statute of limitations
24. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Diminution in value
Model Rules of Professional Conduct
8-K
Bilateral contract
25. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
Corporate social responsibility
Uniform Laws
Promisee's rights
26. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Product liability
'in pari delicto'
Short swing profits
Affirm or disaffirm
27. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Bilateral Investment Treaty program
Personal jurisdiction
Substantive unconscionability
28. A trivial defect in performance (the opposite of material breach).
Substantial performance
When an assignment becomes void
Consequentialism
Utilitarianism
29. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 505 of Regulation D of the Securities Act
Involuntary proceeding
Section 4 of the Securities Act
Expertised portion
30. Claims that the defendant has against the plaintiff
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Trial court
Counterclaims
Offer
31. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Bilateral contract
Environmental Protection Agency (EPA)
Beneficiary's rights
Rule 12b (6) motion
32. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Appellate jurisdiction
Motion to strike
Companies that are subject to the exchange act (Reporting companies)
Levels of courts
33. 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.
Misstatement or omission
Restitution
Social Security Act
Materiality
34. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Misstatement or omission
Exchange Act Regulations
Export Administration Act (EAA)
'de nuvo'
35. 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 Information Act
Employee Retirement Income Security Act (ERISA)
Complete or total integration
36. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Contract
Securities
Toxic Substances Control Act
Foreign Corrupt Practices Act
37. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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38. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Personal jurisdiction
Writ of certiorari
Material breach
Voluntarily proceeding
39. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Voluntarily proceeding
Personal jurisdiction
Pregnancy Discrimination ACt
40. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Grand jury
Charitable contributions
National Labor Relations Board (NLRB)
Res judicata
41. 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
Securities and Exchange Commission
Investment contracts
Revocation
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
42. The difference between the value of the property as substantially complete and the value of the property upon full performance
Regulation A of the Securities Act
Diminution in value
National Institute for Occupational Health
Summons
43. A quarterly report required by the Exchange Act
10-Q
The Council on Environmental Quality
Rules of interpretation of a contract by a court
Multilateral treaties
44. 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
Legal ethics
Unjust enrichment
Assignee
Res ipsa loquitor
45. Manages the nation's social security system
The Social Security Administration
Unconscionability
Securities Act
Reliance damages
46. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Model Rules of Professional Conduct
Rule 12b (6) motion
The Council on Environmental Quality
Novation
47. Actual performance of an obligation
Criminal Trial
Environmental Protection Agency (EPA)
Satisfaction
Foreclosure
48. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Subjective intent
Mental incapacity
Section 12(a)(2)
Social Security Administration
49. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Creditor beneficiary
Strict liability
Novation
Jurisdiction
50. 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
Section 12 (a)(1) of the Securities Act
Fair Credit Reporting Act
General jurisdiction