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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. 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
Breach
Hung jury
Bilateral contract
Concurrent conflict of interests
2. 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
'Ffour corners'
Appellate jurisdiction
Effect of delegation
Section 7A of the Clayton Act
3. An intent to deceive or defraud
'de nuvo'
Scienter
Truth in Lending Act
Demurrer
4. The exchange of promises or an exchange of a promise for a performance.
Economic waste
Gratuitous assignment
Levels of courts
Bargained-for-exchange
5. 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
Consideration
Priority of secured transactions
Misappropriation theory
'Infants' or 'minors'
6. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Common Law
Mutual mistake
A motion of summary judgement
Section 701 of the Securities Act
7. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Misstatement or omission
Workers compensation laws
Appellate jurisdiction
Gramm-Leach-Bliley Act
8. 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
Process of appealing a case through the three levels of court
Contracts that prohibit assignment
Occupational Safety and Health Act
Superfund
9. 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.
Federal Rules of Civil Procedures
Novation
Employment law
Obligor's rights
10. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Assignee
Uniform Commercial Code ('UCC')
Revocability
Creditor beneficiary
11. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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12. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Grand jury
Unilateral rescission
Duties that cannot be delegated
13. The person to extends credit or a loan - and hence the person to whom a debt is owed
Lien
Creditor
Contracts that prohibit assignment
Section 4 of the Securities Act
14. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Occupational Safety and Health Act
Mutual mistake
Federal Trade Commission (FTC)
Rules of construction
15. Legally recognized injury
Export Administration Regulations (EAR)
Injury-in-fact
Federal Trade Commission
Limited jurisdiction
16. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Federal Environmental Pesticide Control Act
Parol Evidence Rule
The Family and Medical Leave Act
Limited jurisdiction
17. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Standing
Export Administration Regulations (EAR)
Manufacturing defect
Mortgage
18. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Statutory Seller
Duties that cannot be delegated
Section 4 of the Securities Act
Retraction
19. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Pretexting
Organization for Economic Co-operation and Development (OECD)
Section 5 of the Securities Act
Section 4 of the Securities Act
20. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
National Labor Relations Board (NLRB)
Rule 506 of Regulation D of the Securities Act
Substantial performance
Verdict
21. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Substantial performance
Supreme Court powers
Negative causation
Reporting company
22. When the creditor initiates the proceedings.
Involuntary proceeding
Partial or trivial breach
Remediation
Consequential damages
23. The first court to consider an action
Original jurisdiction
Foreclosure
Rules of construction
Indictment
24. 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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25. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Malpractice
Fair Credit Reporting Act
Companies that are subject to the exchange act (Reporting companies)
Priority of secured transactions
26. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
'Takings'
Restitution and rescission
Assignee
Pre-existing duty
27. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Equal Employment Opportunity Commission (EEOC)
Toxic Substances Control Act
Writ of certiorari
Statute of limitations
28. Negative causation - due diligence defense - ...
Undue influence
Appellee or respondent
Contract
Defenses against liability of misrepresentations or omissions
29. Oversees the purchase and sale of securities
Vertical agreements
Inadequate warning defect`
Process of assignment
Securities and Exchange Commission
30. 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
Criminal Trial
Strict liability
Legal ethics
'Past consideration'
31. 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)
Attachment
When an assignment becomes void
Multilateral treaties
32. 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
Equal Credit Opportunity Act
United States Bankruptcy Code ('Code')
Consumer protection
National Ambient Air Quality Standards
33. Discrimination based on race or sex
Excuse of condition
Security interest
Employment discrimination
Foreclosure
34. An annual report required by the Exchange Act
10-K
Parol Evidence Rule
Securities
Contracts that prohibit assignment
35. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Employment law
Trademark
Liability based on intentional tort
Securities and Exchange Commission
36. Seeks to promote market economics and democratic governments
Direct damages
Corporate social responsibility
Organization for Economic Co-operation and Development (OECD)
National Labor Relations Act
37. Actual performance of an obligation
Equal Pay Act (EPA)
Satisfaction
Consequential damages
Regulation A of the Securities Act
38. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Multilateral treaties
Judgment n.o.v.
Section 12(a)(2)
Consequential damages
39. A trust formed to dominate an industry
Monopoly
Contract with intoxicated persons
Illusory promise
Unemployment compensation laws
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
Consumer protection
Express contract
Regulation A of the Securities Act
41. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
'Mailbox' rule
Delegation
Pleadings
Answer
42. Regulates the handling of the pesticides being exported from and imported into the U.S.
Occupational Safety and Health Administration (OSHA)
Federal Environmental Pesticide Control Act
Social Security Act
Federal Trade Commission
43. A company subject to the Exchange Act
Other constituency statutes
Bilateral treaties
Diversity jurisdiction
Reporting company
44. Prevents discrimination against employees who are 40years old or more
Age Discrimination in Employment Act (ADEA)
Excuse of condition
Exchange Act Regulations
Levels of courts
45. 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.).
Procedural unconscionability
Post-trial motions
Mistake
Prospectus
46. 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 -
Group boycotts
Supreme Court powers
Res judicata
Illusory promise
47. 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
Civil liability
Adhesion
The Family and Medical Leave Act
Bureau of Consumer Protection
48. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
'Quid pro quo'
National Labor Relations Act
Subject matter jurisdiction
Superfund
49. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Informed consent
Parol Evidence Rule
Social entity or stakeholder theory of the corporation
Precedent
50. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Appellate jurisdiction
Liquidated damages clause
Securities and Exchange Commission
Undue influence