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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. Regulates air and water pollution as well as address problems associated with certain toxic substances
Performance
Environmental Protection Agency
Legal detriment
National Ambient Air Quality Standards
2. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Occupational Safety and Health Act
Specific performance
Creditor
Termination of an invitation to make an offer
3. 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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4. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Personal jurisdiction
Age Discrimination in Employment Act (ADEA)
Jurisdiction
Market division
5. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Securities Act
Vesting of beneficiary's rights
Misappropriation theory
Specialized federal courts
6. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Joint obligation
Discovery
Goods
Promisee's rights
7. When the jury retires to a separate room to decide the outcome of the case.
Pension Benefit Guaranty Corporation (PBGC)
Environmental Protection Agency
Deliberation
Fair Credit Reporting Act
8. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Exempt securities and transactions
Rules of construction
Joint obligation
Investment contracts
9. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Pleadings
8-K
Donee beneficiary
Consequential damages
10. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Supervening illegality
Fair Credit Reporting Act
Bureau of Consumer Protection
Treaties authority
11. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Undue influence
Multilateral treaties
Misrepresentation
Remand
12. 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)
Organization for Economic Co-operation and Development (OECD)
Petit jury
Promise
Corporate social responsibility
13. 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
Chapter 13 of the Code
Suspect classification
Rule 144 of the Securities Act
Social Security Administration
14. 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.
Injunction
Americans with Disabilities Act (ADA)
Content-neutral restrictions
Perfected
15. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
Malpractice
Monopoly
Section 4 of the Securities Act
16. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Discharge of contract
Chapter 11 of the Code
Novation
Perfected
17. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Civil Law or Code Law
Unjust enrichment
Rule of reason
Assignee
18. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Rule 12b (6) motion
General jurisdiction
Stare decisis
Rules of construction
19. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Nonexpertized portions
Injunction
Adhesion
Federal Information Act
20. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Promisor's rights (in relation to the beneficiary)
Gift
Creditor beneficiary
Companies that are subject to the exchange act (Reporting companies)
21. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Commercial speech
'Takings'
Defined contribution plan
Condition concurrent
22. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Defined benefit plans
Federal circuit court of appeals and the federal court of appeals
Federal Communications Commission
Reliance
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
Exchange Act Regulations
Statute of limitations
Defined contribution plan
'Infants' or 'minors'
24. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Implied terms
Substantive unconscionability
Standing
Section 701 of the Securities Act
25. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Foreign Sovereign Immunities Act
Rule 506 of Regulation D of the Securities Act
Environmental Protection Agency (EPA)
Liquidated damages clause
26. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Bureau of Consumer Protection
Section 10(b) and Rule 10b-5 of the Exchange Act
Multilateral treaties
Condition
27. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Environmental Protection Agency (EPA)
Mutual mistake
Superfund
Securities and Exchange Commission
28. The obligee who officially assigned over his rights
Strict liability
Restitution
Assignor
Unilateral mistake
29. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Ordinances
Social entity or stakeholder theory of the corporation
Joint obligation
Commencing a lawsuit
30. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Implied terms
Uniform Commercial Code ('UCC')
Performance
31. The party seeking to appeal the previous court's decision
Exclusive dealing agreement
Appellant
Satisfaction
Hung jury
32. 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
Horizontal agreement
Design defect
Adhesion
Uniform Commercial Code ('UCC')
33. He has the enforceable right against the obligor because he is considered the real party interest.
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34. 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
Quasi-contract
'Ffour corners'
Retraction
Collateral
35. 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
Beneficiary's rights
Illusory promise
Truth in Lending Act
Perfected
36. 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.
Federal Insurance Contributions Act
Bilateral treaties
Specialized federal courts
Exclusive dealing agreement
37. Words or actions an individual may have intended - but did not communicate
Voluntarily proceeding
Stare decisis
Unilateral contract
Subjective intent
38. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Private placement
Rule 504 of Regulation D of the Securities Act
Market division
National Ambient Air Quality Standards
39. 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.
Sham consideration
'Past consideration'
Contract law
Expectation damages (also known as the 'benefit of the bargain')
40. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Contract
Obligor's rights
Public company
Equal protection
41. 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.
Rule 12b (6) motion
Deontological
Pension Benefit Guaranty Corporation (PBGC)
Appellant
42. Prohibits institutions from discrimination related to credit applications
Liability based on intentional tort
Option contract
The Statute of Frauds
Equal Credit Opportunity Act
43. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Implied contract
Clayton Act
Plaintiff
Assignee
44. The right to hold a security interest on a debtor's property.
Answer
Utilitarianism
Equal protection
Lien
45. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Res judicata
Uniform Laws
Section 4 of the Securities Act
Joint obligation
46. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Attorney/client privilege
Condition
Defenses against liability of misrepresentations or omissions
47. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Collective bargaining
Third party beneficiary
Parol Evidence Rule
Pleadings
48. 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
A motion of summary judgement
Original jurisdiction
Scienter
49. Claims that the defendant has against the plaintiff
Incidental beneficiary
Breach
Counterclaims
Clean Water Act
50. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Post-trial motions
Res judicata
United States Bankruptcy Code ('Code')
Group boycotts