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Test your basic knowledge |
CLEP Introductory Business Law
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Subjects
:
clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
National Ambient Air Quality Standards
Taking a contract 'out of the Statute of Frauds'
Preponderance of evidence
Monopoly
2. 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
Goods
Section 10(b) and Rule 10b-5 of the Exchange Act
Resource Conservation and Recovery Act
Employment discrimination
3. 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
Delegation
Res ipsa loquitor
Token consideration
Consumer protection
4. 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
Per se
Federal Trade Commission (FTC)
Voluntarily proceeding
5. 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
Section 7A of the Clayton Act
Section 5 of the Securities Act
Adhesion
Utilitarianism
6. 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 -
Judicial review
Standing
Intended beneficiary
The Statute of Frauds
7. The Constitution makes treaties the 'supreme law of the land'
Indictment
Treaties authority
Counteroffer
Assignment of rights
8. 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
Procedural unconscionability
Utilitarianism
Consumer protection
Section 7A of the Clayton Act
9. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Malpractice
Employment law
Option contract
Misappropriation theory
10. 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.
Regulation S of the Securities Act
Rules of interpretation of a contract by a court
Corporate social responsibility
Verdict
11. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Legal detriment
Deliberation
Unilateral rescission
Chapter 13 of the Code
12. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
National Treatment
Misappropriation theory
Assignee's rights
Examples of Uniform Laws
13. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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14. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Novation
Subjective intent
Res judicata
National Environmental Policy Act (NEPA)
15. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Rule 144 of the Securities Act
Title VII of the Civil Rights Act of 1964
Petit jury
Statute of limitations
16. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Consequentialism
Inadequate warning defect`
National Labor Relations Board (NLRB)
Secured transaction
17. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Securities Act Registration
Malpractice
Unilateral mistake
Criminal Trial
18. 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.
Unilateral contract
Americans with Disabilities Act (ADA)
Expertised portion
Joint obligation
19. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Performance
Effect of delegation
Chapter 11 of the Code
Secured transaction
20. 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
Materiality
Uniform Laws
Revocation
Civil liability
21. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Sham consideration
Lanham Act
Group boycotts
Federal Trade Commission (FTC)
22. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
National Treatment
Employee-at-will
Affirmative defenses
National Institute for Occupational Health
23. The promisor's failure to perform in accordance with the terms of the contract
Shareholder primacy
Breach
Promise
Token consideration
24. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Examples of Uniform Laws
Jurisdiction
Condition concurrent
Model Rules of Professional Conduct
25. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Assignor
Motion for a more definitive statement
Sherman Act
Product liability
26. It represents notice that a lawsuit has been filed against the defendant
Subjective intent
Indictment
Undue influence
Summons
27. 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
Attachment
Workers compensation laws
Material breach
Anticipatory repudiation
28. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Securities Act Registration
National Institute for Occupational Health
Taking a contract 'out of the Statute of Frauds'
Multilateral treaties
29. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Expertised portion
Rational basis test
Criminal Law
Chapter 13 of the Code
30. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Diversity jurisdiction
Mistake
Pretexting
Concurrent conflict of interests
31. Prevents discrimination against employees who are 40years old or more
'Definite and certain'
Age Discrimination in Employment Act (ADEA)
Breach
Defined benefit plans
32. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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33. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Federal question jurisdiction
Civil liability
Bilateral investment treaties
Social Security Act
34. 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
Clean Water Act
Illusory promise
Employee Retirement Income Security Act (ERISA)
Bilateral treaties
35. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Foreign Sovereign Immunities Act
Novation
Securities Act Registration
36. The creditor's security interest in real property
Mortgage
Superfund
Trademark
Investment contracts
37. Administers federal labor laws
National Labor Relations Board
Private placement
Revocability
Verdict
38. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Intended beneficiary
Title VII of the Civil Rights Act of 1964
Executed exchange
39. 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).
Manufacturing defect
Accredited investor
Legal capacity
Employment discrimination
40. 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)
Clean Water Act
Demurrer
Option contract
Vertical agreements
41. Inadequate warning of danger - which can be construed as a design defect
Procedural unconscionability
Inadequate warning defect`
Environmental Protection Agency (EPA)
Security agreement
42. The written set of charges against the defendant - which is presented to a grand jury.
Token consideration
'Definite and certain'
Enabling acts
Indictment
43. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Tender offers
Market division
Third party beneficiary
44. The person who assigns her rights
Termination of an invitation to make an offer
Sham consideration
Rational basis test
Obligee
45. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Changed circumstances that allow a party to be excused from performance under the contract
Promisor's rights (in relation to the beneficiary)
Criminal Trial
Tie-in agreement
46. A creditor that does not have a security interest in any of the debtor's property or assets.
Delegation
Legal ethics
Unsecured creditor
Changed circumstances that allow a party to be excused from performance under the contract
47. When the debtor voluntarily initiates the bankruptcy proceedings
Rules of construction
Any statutory seller
Voluntarily proceeding
Employee Retirement Income Security Act (ERISA)
48. 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
Exempt securities and transactions
Changed circumstances that allow a party to be excused from performance under the contract
Ordinances
Motion of directed verdict or of dismissal
49. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
'Infants' or 'minors'
Securities Exchange Act of 1934
Bilateral Investment Treaty program
Consideration
50. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Treaties authority
Quasi-suspect classification
Fair Debt Collection Act
Chapter 13 of the Code
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