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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. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Employment discrimination
National Treatment
Any statutory seller
2. The person who is bringing the suit
Condition subsequent
Chapter 11 of the Code
Commercial speech
Plaintiff
3. 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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4. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Strict liability
Exclusive dealing agreement
Discharge of contract
Satisfaction
5. 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
Sham consideration
Commercial speech
Horizontal agreement
Appellee or respondent
6. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Federal Environmental Pesticide Control Act
Exclusive distributor agreements
Clean Water Act
Substantive unconscionability
7. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Diversity jurisdiction
Group boycotts
The Family and Medical Leave Act
Employee-at-will
8. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
'clear and present'
Unsecured creditor
Chapter 13 of the Code
Counteroffer
9. A trivial defect in performance (the opposite of material breach).
Substantial performance
Malpractice
Exchange Act Regulations
Quasi-contract
10. 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
Expropriation
The Environmental Quality Report
Civil Law or Code Law
Other constituency statutes
11. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Federal question jurisdiction
Common Law
Motion
Promise
12. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Environmental Protection Agency (EPA)
Unemployment compensation laws
National Treatment
Mortgage
13. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Section 12(a)(2)
Levels of courts
Attorney/client privilege
Pleadings
14. Manages the nation's social security system
The Social Security Administration
Bureau of Customs and Border Protection
Personal jurisdiction
Section 7A of the Clayton Act
15. 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
Oral argument
Quasi-suspect classification
Market division
Accord
16. The property that is the subject of a security interest
'clear and present'
Scienter
Prosecution
Collateral
17. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Workers compensation laws
Unconscionability
General Agreement on Tariffs and Trades
Design defect
18. 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
Assignee's rights
Inadequate warning defect`
Retraction
National Environmental Policy Act (NEPA)
19. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Incidental beneficiary
Securities Act
Rational basis test
Equal Pay Act (EPA)
20. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Trial court
Verdict
Scienter
21. 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
Equal Pay Act (EPA)
Substantive unconscionability
Nonexpertized portions
Grand jury
22. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Vertical agreements
Restatement (Second) of Contracts
Goods
Mistake
23. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Corporate social responsibility
Affirmative defenses
Social Security Act
Collateral
24. The obligation to establish his claims first
Prosecution
Burden of proof
Trial court
Injunction
25. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Demurrer
Model Rules of Professional Conduct
The Environmental Quality Report
Common Law
26. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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27. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Breach
Uniform Laws
Production quotas
28. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Incidental beneficiary
Misappropriation theory
Stare decisis
Content-neutral restrictions
29. 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
Administrative law judges
Injury-in-fact
Pleadings
Misappropriation theory
30. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Pretexting
Hung jury
Condition subsequent
Trust
31. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Toxic Substances Control Act
Clean Air Act
National Labor Relations Act
Revocability
32. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Employment discrimination
Third party beneficiary
Design defect
Strict liability
33. A quarterly report required by the Exchange Act
10-Q
Securities Exchange Act of 1934
Unsecured creditor
Civil liability
34. A condition that occurs at the same time as performance
Americans with Disabilities Act (ADA)
Condition concurrent
Commercial speech
Trust
35. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
United States Bankruptcy Code ('Code')
Model Rules of Professional Conduct
Foreign Corrupt Practices Act
Motion of directed verdict or of dismissal
36. A distinct mark or symbol that identifies a business and its products
Joint obligation
'Blue sky' laws
Trademark
General Agreement on Tariffs and Trades
37. Prevents discrimination against employees who are 40years old or more
Substantial performance
Supervening illegality
Age Discrimination in Employment Act (ADEA)
Creditor beneficiary
38. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Implied contracts
Sherman Act
Automatic stay
Workers compensation laws
39. When a party unlawfully indicate that he will not perform when the performance is due.
Petit jury
Anticipatory repudiation
Sherman Act
Statutory Seller
40. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Design defect
Multilateral treaties
'Takings'
Tender offers
41. 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.
Proxy
Employee-at-will
Expertised portion
Reliance damages
42. If the promisor substantially performs under teh contract
Rule 144 of the Securities Act
Legal ethics
Partial or trivial breach
Anticipatory repudiation
43. 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
Security agreement
Substitutes of consideration
Motion of directed verdict or of dismissal
Non-recoverable damages
44. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Process of appealing a case through the three levels of court
Deontological
Trademark
Chapter 7 of the Code
45. The written set of charges against the defendant - which is presented to a grand jury.
Rule 147 of the Securities Act
Indictment
Token consideration
Prosecution
46. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Mutual assent
Illusory promise
Environmental Protection Agency (EPA)
National Labor Relations Board (NLRB)
47. Discrimination based on race or sex
Employment discrimination
Vesting of beneficiary's rights
Price fixing
Post-trial motions
48. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Attachment
'Blue sky' laws
'de nuvo'
Any statutory seller
49. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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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.).
Securities Act Registration
Duress
Clean Air Act
Post-trial motions
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