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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 condition that occurs at the same time as performance
Unjust enrichment
Utilitarianism
Export Administration Act (EAA)
Condition concurrent
2. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Subjective intent
Equal protection
Levels of courts
Rule 506 of Regulation D of the Securities Act
3. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
National Labor Relations Board
Nonexpertized portions
Partial or trivial breach
Substitutes of consideration
4. Regulates trusts and monopolies
Complete or total integration
'Mirror image' rule
Federal Trade Commission
Resource Conservation and Recovery Act
5. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Duties that cannot be delegated
Enabling acts
Export Administration Act (EAA)
Charitable contributions
6. 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
Condition precedent
Quasi-suspect classification
Assignor
7. A promise that is inferred from a person's conduct or the circumstances of the transaction
Implied contract
Private placement
Satisfaction
Section 10(b) and Rule 10b-5 of the Exchange Act
8. Treaties entered into between two nations
Bilateral treaties
Unjust enrichment
Content-neutral restrictions
'meeting of the minds'
9. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Parol Evidence Rule
Misappropriation theory
Price fixing
Accredited investor
10. Laws created by city councils or county boards - aimed at local matters
Proxy
Foreign Corrupt Practices Act
Ordinances
Unsecured creditor
11. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Mutual rescission
Taking a contract 'out of the Statute of Frauds'
Materiality
National Labor Relations Board (NLRB)
12. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Process of appealing a case through the three levels of court
Condition
Stare decisis
Accredited investor
13. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Automatic stay
Accord
Revocability
Appellate jurisdiction
14. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Motion to strike
National Labor Relations Board (NLRB)
Federal Insurance Contributions Act
Specialized federal courts
15. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Statutory Seller
Informed consent
Creditor
Foreign Sovereign Immunities Act
16. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
National Institute for Occupational Health
Retraction
Precedent
Motion to strike
17. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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18. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Restitution
Exclusive distributor agreements
Chapter 11 of the Code
'in pari delicto'
19. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Rule 504 of Regulation D of the Securities Act
Rule 144 of the Securities Act
Specialized federal courts
Fair Labor Standards Act (FLSA)
20. The property that is the subject of a security interest
Motion to strike
Common Law
Equal Employment Opportunity Commission (EEOC)
Collateral
21. The person who is bringing the suit
Unconscionability
Plaintiff
Social Security Act
Per se
22. 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
Enabling acts
National Ambient Air Quality Standards
Standing
Bureau of Customs and Border Protection
23. 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
Regulation S of the Securities Act
Companies that are subject to the exchange act (Reporting companies)
Clayton Act
Unconscionability
24. The difference between the value of the property as substantially complete and the value of the property upon full performance
Adhesion
Federal Trade Commission (FTC)
Securities and Exchange Commission
Diminution in value
25. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Shareholder primacy
Appellee or respondent
Substantial performance
26. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Bureau of Consumer Protection
Judgment n.o.v.
Judicial review
Negative causation
27. Both a rejection and termination of the original offer.
Promisor's rights (in relation to the beneficiary)
Attorney/client privilege
Counteroffer
Incidental beneficiary
28. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Rule 505 of Regulation D of the Securities Act
Partial or trivial breach
Indictment
Equal Pay Act (EPA)
29. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Promisor's rights (in relation to the beneficiary)
Trial court
Fair Debt Collection Act
Pleadings
30. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Federal Insurance Contributions Act
Section 5 of the Securities Act
Fair Labor Standards Act (FLSA)
Consumer protection
31. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Vesting of beneficiary's rights
Chapter 7 of the Code
Attachment
Charitable contributions
32. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Ordinances
Condition precedent
Implied contract
33. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Environmental Protection Agency
Express contract
Token consideration
34. 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
Pregnancy Discrimination ACt
National Institute for Occupational Health
Res judicata
Perfected
35. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Non-recoverable damages
Novation
Prospectus
Rules of interpretation of a contract by a court
36. The creditor's right to take possession of the property is called foreclosure
National Labor Relations Act
Bilateral contract
Foreclosure
Original jurisdiction
37. A trivial defect in performance (the opposite of material breach).
Design defect
Section 4 of the Securities Act
When an assignment becomes void
Substantial performance
38. It is a promise stated in words - either oral or written.
United States Bankruptcy Code ('Code')
Express contract
Diversity jurisdiction
Who is liable
39. 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
Non-recoverable damages
Termination of an invitation to make an offer
Suspect classification
Attorney/client privilege
40. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Summons
Pre-existing duty
Administrative law judges
Effect of delegation
41. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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42. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Contracts that prohibit assignment
Fair Debt Collection Act
Title VII of the Civil Rights Act of 1964
'Infants' or 'minors'
43. 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.
Duties that cannot be delegated
Employment law
Regulation D of the Securities Act
Employee-at-will
44. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Specific performance
Bilateral Investment Treaty program
Material breach
Mental incapacity
45. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Complete or total integration
Delegation
Indictment
Exchange Act Regulations
46. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Treaties authority
Federal circuit court of appeals and the federal court of appeals
Assignee
The Social Security Administration
47. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Penalty
Verdict
Diversity jurisdiction
Rational basis test
48. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Direct damages
Occupational Safety and Health Administration (OSHA)
Mutual mistake
Fair Credit Reporting Act
49. 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'.
Shareholder primacy
Preponderance of evidence
Tender offers
Design defect
50. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Grand jury
Automatic stay
Rule 144 of the Securities Act
Unilateral mistake