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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. Inadequate warning of danger - which can be construed as a design defect
Rule 504 of Regulation D of the Securities Act
Anticipatory repudiation
Malpractice
Inadequate warning defect`
2. 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)
National Labor Relations Board (NLRB)
Employee-at-will
United States Bankruptcy Code ('Code')
Tie-in agreement
3. 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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4. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Short swing profits
Rules of construction
Federal Trade Commission (FTC)
Chapter 13 of the Code
5. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Bureau of Customs and Border Protection
Creditor beneficiary
Legal capacity
Condition
6. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Export Administration Act (EAA)
Mistake
Executed exchange
Group boycotts
7. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Pension Benefit Guaranty Corporation (PBGC)
Administrative Procedure Act
Petit jury
Token consideration
8. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Appellate jurisdiction
Multilateral treaties
Penalty
Unilateral contract
9. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Exchange Act Regulations
Clean Water Act
Equity of redemption
Section 12 (a)(1) of the Securities Act
10. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Excuse of condition
Deontological
Obligor
Unjust enrichment
11. 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.
Social Security Act
Novation
Pregnancy Discrimination ACt
Satisfaction
12. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Collateral
Commercial speech
Unjust enrichment
Social Security Administration
13. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
'Past consideration'
Investment contracts
Administrative law judges
Superfund
14. Regulates trusts and monopolies
Informed consent
Prosecution
Federal Trade Commission
Equity of redemption
15. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Utilitarianism
Unemployment compensation laws
Substitutes of consideration
National Labor Relations Board (NLRB)
16. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Answer
Contract law
Objective standard
Non-recoverable damages
17. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Trial court
Export Administration Act (EAA)
Legal detriment
Content-neutral restrictions
18. The exchange of promises or an exchange of a promise for a performance.
Bilateral investment treaties
Undue influence
Subjective intent
Bargained-for-exchange
19. Claims that the defendant has against the plaintiff
Who is liable
Examples of Uniform Laws
Substitutes of consideration
Counterclaims
20. The documents that parties file in connection with their lawsuit
The Social Security Administration
Attorney/client privilege
Bureau of Consumer Protection
Pleadings
21. Treaties between two nations addressing investment concerns
Trademark
Express contract
Bilateral investment treaties
Injunction
22. 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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23. The party seeking to appeal the previous court's decision
Utilitarianism
Appellant
Intended beneficiary
Restatement (Second) of Contracts
24. Regulates air and water pollution as well as address problems associated with certain toxic substances
Unjust enrichment
Diversity jurisdiction
Environmental Protection Agency
Unconscionability
25. 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
Chapter 11 of the Code
Preponderance of evidence
Horizontal agreement
The Statute of Frauds
26. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Condition
Shareholder primacy
Fraud
Market division
27. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Contract with intoxicated persons
Unilateral rescission
Affirmative defenses
28. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Section 4 of the Securities Act
Expertised portion
Bilateral contract
Section 701 of the Securities Act
29. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Judicial review
Grand jury
Material breach
Expropriation
30. 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)
Employee-at-will
Rational basis test
Trial court
31. 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.
Incidental beneficiary
Rational basis test
Motion
Reliance
32. A trust formed to dominate an industry
Product liability
Verdict
Intended beneficiaries of government contract
Monopoly
33. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Gift
Attachment
Duties that cannot be delegated
Securities Exchange Act of 1934
34. A person who is not an intended beneficiary
Gift
Defined contribution plan
Restatement (Second) of Contracts
Incidental beneficiary
35. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Prosecution
Mutual mistake
Manufacturing defect
Fair Debt Collection Act
36. Laws that states have passed that aim at regulating securities transactions within their states.
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37. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Manufacturing defect
Foreign Corrupt Practices Act
'Mailbox' rule
Federal Trade Commission
38. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Mistake
Equal Credit Opportunity Act
Federal Rules of Civil Procedures
Incidental beneficiary
39. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Fair Debt Collection Act
Superfund
Unemployment compensation laws
Pleadings
40. Words or actions an individual may have intended - but did not communicate
Workers compensation laws
The Social Security Administration
Subjective intent
Criminal Law
41. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Unsecured creditor
Condition concurrent
Standing
Oral argument
42. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
Unsecured creditor
Indictment
Affirmative defenses
43. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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44. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Trial court
Misrepresentation
Standing
Ordinances
45. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
The Social Security Administration
Truth in Lending Act
Subjective intent
Short swing profits
46. It regulates chemical substances
Toxic Substances Control Act
'Quid pro quo'
National Environmental Policy Act (NEPA)
'Definite and certain'
47. Prohibits institutions from discrimination related to credit applications
Equal Credit Opportunity Act
Writ of certiorari
Specific performance
'Ffour corners'
48. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Companies that are subject to the exchange act (Reporting companies)
Design defect
Charitable contributions
Demurrer
49. The difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Prosecution
Civil liability
Burden of proof
50. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Summons
Federal circuit court of appeals and the federal court of appeals
Non-recoverable damages
Mortgage