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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.
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. 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
Revocation
Suspect classification
Foreign Sovereign Immunities Act
Manufacturing defect
2. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Workers compensation laws
Intended beneficiaries of government contract
Grand jury
3. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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4. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Assignment of rights
Mortgage
Strict liability
'meeting of the minds'
5. A promise that is inferred from a person's conduct or the circumstances of the transaction
Bona fide occupational qualification
10-K
Implied contracts
Implied contract
6. 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.
Pension Benefit Guaranty Corporation (PBGC)
Employment discrimination
Liability based on intentional tort
Attachment
7. The Constitution makes treaties the 'supreme law of the land'
Pre-existing duty
Civil Law
Treaties authority
Obligor's rights
8. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
Material breach
Statutory Seller
Equal Employment Opportunity Commission (EEOC)
9. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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10. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Pleadings
Foreign Corrupt Practices Act
Creditor beneficiary
Section 12(a)(2)
11. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Judicial review
The Council on Environmental Quality
Federal Trade Commission (FTC)
Exchange Act Regulations
12. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Superfund
Commencing a lawsuit
Section 12 (a)(1) of the Securities Act
Section 4 of the Securities Act
13. 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.
Condition subsequent
Rational basis test
The Statute of Frauds
Fraud
14. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Concurrent conflict of interests
Writ of certiorari
Quasi-suspect classification
Manufacturing defect
15. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Production quotas
Standing
Motion
Fair Debt Collection Act
16. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -
Supreme Court powers
Res ipsa loquitor
Attachment
Expertised portion
17. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Prosecution
8-K
Obligor's rights
Gramm-Leach-Bliley Act
18. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Restatement (Second) of Contracts
Strict liability
8-K
Consequentialism
19. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Misappropriation theory
Original jurisdiction
Malpractice
Undue influence
20. 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
Monopoly
Obligor
Substitutes of consideration
Obligee
21. 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.
Criminal Law
Uniform Commercial Code ('UCC')
Examples of Uniform Laws
Per se
22. 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
Collective bargaining
Satisfaction
Third party beneficiary
Title VII of the Civil Rights Act of 1964
23. 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
Summons
Complete or total integration
Stare decisis
Federal Trade Commission (FTC)
24. 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
Civil liability
National Ambient Air Quality Standards
Domicile
25. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Excuse of condition
Rule 505 of Regulation D of the Securities Act
Concurrent conflict of interests
Supervening illegality
26. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Motion
Performance
Contract
Writ of certiorari
27. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Suspect classification
Shareholder primacy
Retraction
Organization for Economic Co-operation and Development (OECD)
28. 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
Securities Act
Exchange Act Regulations
Implied contract
29. The obligation to establish his claims first
Truth in Lending Act
Reliance
Burden of proof
Post-trial motions
30. It represents a request for the court to take some action. A motion can be filed by a defendant.
Federal Trade Commission
Motion
Federal Trade Commission (FTC)
Section 7A of the Clayton Act
31. 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.
Implied contracts
Accord
Plaintiff
Age Discrimination in Employment Act (ADEA)
32. 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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33. Treaties entered into between two nations
'de nuvo'
Horizontal agreement
'due process'
Bilateral treaties
34. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Rule 506 of Regulation D of the Securities Act
Pleadings
Securities
Remediation
35. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Social entity or stakeholder theory of the corporation
Preponderance of evidence
Oral argument
Federal question jurisdiction
36. 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.
Gramm-Leach-Bliley Act
Sham consideration
Federal district court
Appellant
37. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Mutual rescission
Accredited investor
Unilateral rescission
Concurrent conflict of interests
38. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Security interest
Federal circuit court of appeals and the federal court of appeals
Exclusive distributor agreements
Short swing profits
39. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Content-neutral restrictions
Vesting of beneficiary's rights
Automatic stay
Chapter 13 of the Code
40. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Substantive unconscionability
Counterclaims
Stare decisis
National Ambient Air Quality Standards
41. 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
Sherman Act
Companies that are subject to the exchange act (Reporting companies)
Suspect classification
Promisee's rights
42. 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.
Adhesion
Pension Benefit Guaranty Corporation (PBGC)
Bilateral Investment Treaty program
Enabling acts
43. 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
Appellee or respondent
Gramm-Leach-Bliley Act
Anticipatory repudiation
Consideration
44. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Contract with intoxicated persons
Public company
Securities and Exchange Commission
Pleadings
45. 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
Executed exchange
Federal district court
Section 7A of the Clayton Act
Trial court
46. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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47. An exemption for offerings that occur primarily within one state.
Sherman Act
Rule 147 of the Securities Act
Trial court
Federal Trade Commission (FTC)
48. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
'clear and present'
'Blue sky' laws
Horizontal agreement
Undue influence
49. Prevents discrimination against employees who are 40years old or more
Res judicata
Accredited investor
Discharge of contract
Age Discrimination in Employment Act (ADEA)
50. It is a promise stated in words - either oral or written.
Complete or total integration
Appellant
Misappropriation theory
Express contract
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