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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. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Rational basis test
Foreclosure
Satisfaction
Counterclaims
2. When the jury retires to a separate room to decide the outcome of the case.
Lanham Act
8-K
Deliberation
Hung jury
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
Criminal Law
Nonexpertized portions
Objective standard
Content-neutral restrictions
4. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Bilateral contract
Remand
National Institute for Occupational Health
Delegation
5. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Oral argument
Equal protection
Investment contracts
Gramm-Leach-Bliley Act
6. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Trust
Section 11 of the Securities Act
Malpractice
General Agreement on Tariffs and Trades
7. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Promise
Duress
Precedent
Mutual mistake
8. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Monopoly
Effect of delegation
Implied terms
Executed exchange
9. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
Termination of an invitation to make an offer
Who is liable
Priority of secured transactions
10. Both a rejection and termination of the original offer.
Expertised portion
Counteroffer
Joint obligation
Objective standard
11. 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
Writ of habeas corpus
Unemployment compensation laws
Contract law
Mistake
12. If the promisor substantially performs under teh contract
Contract
Mutual rescission
Partial or trivial breach
Restitution and rescission
13. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Section 10(b) and Rule 10b-5 of the Exchange Act
Automatic stay
Material breach
14. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Reliance
Price fixing
Process of assignment
National Ambient Air Quality Standards
15. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Grand jury
Remand
Section 10(b) and Rule 10b-5 of the Exchange Act
When an assignment becomes void
16. Prohibits institutions from discrimination related to credit applications
Corporate social responsibility
Condition precedent
Statutory Seller
Equal Credit Opportunity Act
17. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Writ of certiorari
Short swing profits
National Institute for Occupational Health
18. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Informed consent
Equal Credit Opportunity Act
Res ipsa loquitor
Hung jury
19. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Materiality
Section 4 of the Securities Act
Shareholder primacy
Condition precedent
20. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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21. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Involuntary proceeding
Bureau of Consumer Protection
Process of assignment
Donee beneficiary
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.
Supervening illegality
Section 11 of the Securities Act
Writ of habeas corpus
Uniform Commercial Code ('UCC')
23. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Production quotas
Restitution and rescission
Defined benefit plans
Deontological
24. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Multilateral treaties
Affirmative defenses
Affirm or disaffirm
Judicial review
25. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
The Family and Medical Leave Act
Exclusive dealing agreement
Limited jurisdiction
Changed circumstances that allow a party to be excused from performance under the contract
26. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Section 10(b) and Rule 10b-5 of the Exchange Act
Bilateral treaties
Occupational Safety and Health Administration (OSHA)
Satisfaction
27. An exemption for securities sold outside of the U.S.
Strict liability
'Mailbox' rule
Lanham Act
Regulation S of the Securities Act
28. Place of permanent residence
Revocation
The Statute of Frauds
Domicile
Appellant
29. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Companies that are subject to the exchange act (Reporting companies)
Mental incapacity
Delegation
Promise
30. 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
Misstatement or omission
Revocability
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Regulation A of the Securities Act
31. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Environmental Protection Agency
National Treatment
Expropriation
Design defect
32. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Security interest
Unilateral rescission
Rule 504 of Regulation D of the Securities Act
Bona fide occupational qualification
33. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Unilateral mistake
Gramm-Leach-Bliley Act
Restitution
Trial court
34. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Control persons
Concurrent conflict of interests
Adhesion
Workers compensation laws
35. 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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36. A party's damage award will be reduced by any loss he did or could have avoided.
Common Law
Duty to mitigate
'in pari delicto'
Unemployment compensation laws
37. 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.
Reliance
Public company
Pension Benefit Guaranty Corporation (PBGC)
Regulation D of the Securities Act
38. The creditor's right to take possession of the property is called foreclosure
Sherman Act
Mutual mistake
Foreclosure
Companies that are subject to the exchange act (Reporting companies)
39. 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
Common Law
Employee Retirement Income Security Act (ERISA)
Liquidated damages clause
Misappropriation theory
40. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Employment law
Rule 505 of Regulation D of the Securities Act
Substitutes of consideration
Federal Trade Commission (FTC)
41. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Implied contract
Consequentialism
Priority of secured transactions
Exclusive distributor agreements
42. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Section 4 of the Securities Act
Priority of secured transactions
Social Security Administration
43. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Promise
Informed consent
Prospectus
Voluntarily proceeding
44. The written set of charges against the defendant - which is presented to a grand jury.
Rule 506 of Regulation D of the Securities Act
Quasi-contract
Resource Conservation and Recovery Act
Indictment
45. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Workers compensation laws
Rule 504 of Regulation D of the Securities Act
Malpractice
Judgment n.o.v.
46. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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47. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Federal Information Act
Trial court
Restitution and rescission
Civil Law
48. Previous decisions made by decisions - by which the current judges must abide by.
Voluntarily proceeding
Precedent
Concurrent conflict of interests
Section 4 of the Securities Act
49. 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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50. 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
Suspect classification
Counteroffer
Manufacturing defect
Appellate jurisdiction