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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.
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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. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Restatement (Second) of Contracts
Bureau of Consumer Protection
'Past consideration'
Securities Exchange Act of 1934
2. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Secured transaction
Bilateral contract
Bilateral Investment Treaty program
Consumer protection
3. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Appellee or respondent
Demand assurance
Legal detriment
Scienter
4. When both parties agree to rescind the contract
Mutual rescission
Exclusive dealing agreement
Employee-at-will
Uniform Commercial Code ('UCC')
5. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Market division
Liability based on intentional tort
Executed exchange
Grand jury
6. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
'Past consideration'
Foreign Corrupt Practices Act
Petit jury
Pregnancy Discrimination ACt
7. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Equal protection
Civil Law
Federal Insurance Contributions Act
Contract
8. Seeks to promote market economics and democratic governments
Process of assignment
Organization for Economic Co-operation and Development (OECD)
Satisfaction
Process of appealing a case through the three levels of court
9. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Utilitarianism
Federal circuit court of appeals and the federal court of appeals
Social Security Act
Occupational Safety and Health Administration (OSHA)
10. Regulates the handling of the pesticides being exported from and imported into the U.S.
The Statute of Frauds
Fair Debt Collection Act
Federal Environmental Pesticide Control Act
Clean Water Act
11. A pre-trial motion when the pleadings are vague or ambiguous.
United States Bankruptcy Code ('Code')
Jurisdiction
Motion for a more definitive statement
Age Discrimination in Employment Act (ADEA)
12. 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
Discharge of contract
Promisee's rights
Informed consent
Federal Rules of Civil Procedures
13. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Changed circumstances that allow a party to be excused from performance under the contract
When an assignment becomes void
Preponderance of evidence
Joint obligation
14. Administers federal labor laws
National Labor Relations Board (NLRB)
National Labor Relations Board
Supreme Court powers
Equal Pay Act (EPA)
15. 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.
Investment contracts
Exclusive distributor agreements
Token consideration
Federal Insurance Contributions Act
16. 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'
Rule 506 of Regulation D of the Securities Act
Equal Credit Opportunity Act
Creditor beneficiary
Uniform Commercial Code ('UCC')
17. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Fraud
Discharge of contract
Performance
Priority of secured transactions
18. The person to whom the right is assigned
Companies that are subject to the exchange act (Reporting companies)
Oral argument
Pregnancy Discrimination ACt
Assignee
19. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Federal Information Act
Unilateral rescission
Duties that cannot be delegated
Criminal Law
20. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Promisee's rights
Mental incapacity
Quasi-contract
Tie-in agreement
21. 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
Chapter 11 of the Code
National Institute for Occupational Health
Treaties authority
Injury-in-fact
22. The obligee who officially assigned over his rights
Public company
Diversity jurisdiction
Partial or trivial breach
Assignor
23. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Securities Act Registration
Pregnancy Discrimination ACt
Reliance damages
Economic waste
24. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Implied contract
Perfected
Expropriation
Accredited investor
25. 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)
Personal jurisdiction
'Mirror image' rule
Undue influence
26. 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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27. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Examples of Uniform Laws
Option contract
Restatement (Second) of Contracts
Pleadings
28. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
Consequentialism
The Council on Environmental Quality
Clean Air Act
29. 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)
Companies that are subject to the exchange act (Reporting companies)
Employment discrimination
Diminution in value
30. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Implied contracts
Obligee
When an assignment becomes void
8-K
31. 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.
Expropriation
'meeting of the minds'
Res judicata
Bona fide occupational qualification
32. Claims that the defendant has against the plaintiff
Clayton Act
Equity of redemption
Counterclaims
Securities and Exchange Commission
33. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Social Security Act
Chapter 13 of the Code
Suspect classification
Total breach
34. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Mental incapacity
National Labor Relations Board
Gramm-Leach-Bliley Act
Short swing profits
35. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
National Institute for Occupational Health
Any statutory seller
Employment discrimination
Contracts that prohibit assignment
36. A person who is not an intended beneficiary
Investment contracts
Incidental beneficiary
'in pari delicto'
Uniform Commercial Code ('UCC')
37. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Sham consideration
'Mirror image' rule
Federal Information Act
Pleadings
38. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Implied contracts
Involuntary proceeding
Section 12(a)(2)
Bilateral Investment Treaty program
39. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Accredited investor
Strict liability
Perfected
Public company
40. 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
Supervening illegality
Writ of certiorari
Section 7A of the Clayton Act
Penalty
41. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Verdict
Parol Evidence Rule
Foreign Sovereign Immunities Act
42. It is a pre-trial motion to take out certain matters
Obligor's rights
Charitable contributions
Motion to strike
Pregnancy Discrimination ACt
43. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Process of appealing a case through the three levels of court
Res ipsa loquitor
Injury-in-fact
Social Security Administration
44. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
Pretexting
The Social Security Administration
Chapter 13 of the Code
45. The property that is the subject of a security interest
Equal Credit Opportunity Act
Legal ethics
The Council on Environmental Quality
Collateral
46. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Res judicata
Obligor
Lien
Social Security Administration
47. 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.
Lien
Restitution and rescission
'Definite and certain'
Specific performance
48. The creditor's right to take possession of the property is called foreclosure
Bilateral Investment Treaty program
Motion to strike
Assignor
Foreclosure
49. Manages the nation's social security system
Rule of reason
Discharge of contract
Restatement (Second) of Contracts
The Social Security Administration
50. 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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