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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 jury retires to a separate room to decide the outcome of the case.
Export Administration Act (EAA)
Product liability
Substantive unconscionability
Deliberation
2. 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.
Specialized federal courts
Mutual mistake
Securities
Lien
3. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Section 4 of the Securities Act
Counterclaims
Perfected
Bureau of Consumer Protection
4. 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
Unsecured creditor
Chapter 11 of the Code
Sham consideration
Gramm-Leach-Bliley Act
5. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Delegation
United States Bankruptcy Code ('Code')
Scienter
Diminution in value
6. The person to extends credit or a loan - and hence the person to whom a debt is owed
Supervening illegality
Resource Conservation and Recovery Act
Common Law
Creditor
7. 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.
Intended beneficiaries of government contract
Beneficiary's rights
'Takings'
Pension Benefit Guaranty Corporation (PBGC)
8. 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.
Federal Trade Commission
Excuse of condition
Proxy
Termination of an invitation to make an offer
9. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Administrative law judges
Assignee
Exclusive dealing agreement
Reliance damages
10. It is a pre-trial motion to take out certain matters
'Mirror image' rule
'Definite and certain'
Anticipatory repudiation
Motion to strike
11. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Tie-in agreement
Fair Debt Collection Act
Trial court
Revocation
12. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Content-neutral restrictions
Injunction
Unjust enrichment
13. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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14. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Total breach
Occupational Safety and Health Administration (OSHA)
National Labor Relations Board
Standing
15. 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
Diversity jurisdiction
Companies that are subject to the exchange act (Reporting companies)
Penalty
Misrepresentation
16. Offering made to purchase all or a portion of the shares of a specific company
Revocation
Tender offers
Creditor beneficiary
Design defect
17. When a party unlawfully indicate that he will not perform when the performance is due.
Anticipatory repudiation
Securities
Partial or trivial breach
8-K
18. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Assignee
Mortgage
The Environmental Quality Report
Utilitarianism
19. The creditor's security interest in real property
Indictment
Pregnancy Discrimination ACt
Assignee's rights
Mortgage
20. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Occupational Safety and Health Act
Adhesion
Assignee's rights
Charitable contributions
21. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Commencing a lawsuit
Treaties authority
Post-trial motions
Gift
22. A party's damage award will be reduced by any loss he did or could have avoided.
Unemployment compensation laws
Pre-existing duty
Motion to strike
Duty to mitigate
23. Legally recognized injury
Injury-in-fact
Civil Law or Code Law
The Council on Environmental Quality
Section 10(b) and Rule 10b-5 of the Exchange Act
24. Misrepresentation that was made with intent
Fraud
Condition
Demurrer
Total breach
25. 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'.
Rule 505 of Regulation D of the Securities Act
Contract
National Labor Relations Board
Condition subsequent
26. 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
Condition subsequent
Clean Water Act
Rule 144 of the Securities Act
27. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
'Quid pro quo'
Employment discrimination
Design defect
Bargained-for-exchange
28. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Obligor
Shareholder primacy
Delegation
Statutory Seller
29. Directors - certain officers - and owners
Reporting company
Rational basis test
Utilitarianism
Control persons
30. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Bona fide occupational qualification
Oral argument
General Agreement on Tariffs and Trades
Design defect
31. Laws created by city councils or county boards - aimed at local matters
Scienter
Preponderance of evidence
Pretexting
Ordinances
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. Regulates trusts and monopolies
Federal Trade Commission
Equal Pay Act (EPA)
Suspect classification
Duress
34. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Defined benefit plans
'Mailbox' rule
Gift
35. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Legal capacity
Misrepresentation
Occupational Safety and Health Administration (OSHA)
Regulation S of the Securities Act
36. An exemption for transactions involving offerings to employees.
Proxy
Adhesion
Section 701 of the Securities Act
Unilateral mistake
37. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Scienter
The Statute of Frauds
Incidental beneficiary
Accredited investor
38. 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
Expertised portion
Criminal Trial
Affirmative defenses
Who is liable
39. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Occupational Safety and Health Act
Stare decisis
Export Administration Regulations (EAR)
Unilateral mistake
40. A supervening stature makes a contract illegal - and thereby makes performance impossible
Legal detriment
Supervening illegality
Mutual assent
Non-recoverable damages
41. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Occupational Safety and Health Administration (OSHA)
Contract law
Federal question jurisdiction
Vertical agreements
42. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Truth in Lending Act
Sherman Act
Administrative Procedure Act
Examples of Uniform Laws
43. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Civil liability
Criminal Trial
Post-trial motions
Specific performance
44. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Involuntary proceeding
Subjective intent
Section 10(b) and Rule 10b-5 of the Exchange Act
National Labor Relations Act
45. Automatic violations of the Sherman Act
'Mailbox' rule
Per se
Discovery
Social Security Administration
46. 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.
Enabling acts
Rule 506 of Regulation D of the Securities Act
Clean Water Act
Rule 147 of the Securities Act
47. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Exclusive dealing agreement
Rule 505 of Regulation D of the Securities Act
Section 5 of the Securities Act
Design defect
48. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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49. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Civil liability
Promisee's rights
Discovery
Procedural unconscionability
50. 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'
Federal circuit court of appeals and the federal court of appeals
'Ffour corners'
Creditor beneficiary
10-Q