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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. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Revocability
The Family and Medical Leave Act
National Ambient Air Quality Standards
Malpractice
2. 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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3. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Rule 504 of Regulation D of the Securities Act
Market division
Executed exchange
Criminal Law
4. The party seeking to appeal the previous court's decision
Appellant
Misappropriation theory
Regulation A of the Securities Act
Delegation
5. The written set of charges against the defendant - which is presented to a grand jury.
Group boycotts
Intended beneficiary
Indictment
Contract with intoxicated persons
6. The agreement to create a security interest
Investment contracts
Public company
Social Security Administration
Security agreement
7. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Effect of delegation
Horizontal agreement
Gramm-Leach-Bliley Act
Obligee
8. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Design defect
Federal Communications Commission
Ordinances
9. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Rules of interpretation of a contract by a court
Employee Retirement Income Security Act (ERISA)
Social entity or stakeholder theory of the corporation
Demand assurance
10. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Shareholder primacy
Affirmative defenses
Grand jury
Civil Law or Code Law
11. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Duties that cannot be delegated
Defendant
Common Law
Restitution and rescission
12. Not discriminating against foreign product - thereby treating all products within their border equally
Fraud
National Treatment
Objective standard
Jurisdiction
13. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Vesting of beneficiary's rights
Toxic Substances Control Act
Answer
Contract with intoxicated persons
14. 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.
Motion of directed verdict or of dismissal
Token consideration
Trial court
Equal Employment Opportunity Commission (EEOC)
15. A party's damage award will be reduced by any loss he did or could have avoided.
Administrative Procedure Act
Enabling acts
Duty to mitigate
Monopoly
16. 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.
Demurrer
Supreme Court powers
Price fixing
Partial or trivial breach
17. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Res judicata
Market division
Product liability
'Blue sky' laws
18. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Section 12(a)(2)
Procedural unconscionability
Third party beneficiary
19. 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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20. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Rule 144 of the Securities Act
Subject matter jurisdiction
Excuse of condition
Res ipsa loquitor
21. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Regulation D of the Securities Act
'Mirror image' rule
Restitution
Model Rules of Professional Conduct
22. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Specialized federal courts
Obligor
'in pari delicto'
Appellee or respondent
23. Inadequate warning of danger - which can be construed as a design defect
Condition
Inadequate warning defect`
Control persons
Fair Credit Reporting Act
24. 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
10-K
Goods
Design defect
'clear and present'
25. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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26. Regulates the handling of the pesticides being exported from and imported into the U.S.
Regulation A of the Securities Act
Section 7A of the Clayton Act
Undue influence
Federal Environmental Pesticide Control Act
27. A quarterly report required by the Exchange Act
Gratuitous assignment
'Past consideration'
Foreclosure
10-Q
28. 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
Liability based on intentional tort
Malpractice
Regulation D of the Securities Act
29. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Federal district court
Control persons
Restitution and rescission
30. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Consequentialism
Per se
Satisfaction
Regulation D of the Securities Act
31. Administers federal labor laws
Implied contracts
Equal Employment Opportunity Commission (EEOC)
National Labor Relations Board
Mutual rescission
32. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Bilateral contract
Group boycotts
Gift
33. 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
Consequentialism
Environmental Protection Agency
Civil Law
34. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Rule 12b (6) motion
Mental incapacity
National Labor Relations Board
Voluntarily proceeding
35. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Americans with Disabilities Act (ADA)
Unilateral contract
'meeting of the minds'
Fraud
36. The exchange of promises or an exchange of a promise for a performance.
Environmental Protection Agency (EPA)
Mental incapacity
Bargained-for-exchange
Excuse of condition
37. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Mutual mistake
Vertical agreements
Affirm or disaffirm
38. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Enabling acts
Federal Communications Commission
Oral argument
Lanham Act
39. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Bilateral Investment Treaty program
Obligee
National Labor Relations Board
40. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
Preponderance of evidence
Collateral
Federal Communications Commission
41. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Commercial speech
Subjective intent
Pre-existing duty
42. 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
Companies that are subject to the exchange act (Reporting companies)
Assignor
Liability based on intentional tort
Reliance
43. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Prospectus
Remediation
Clean Water Act
Rule 506 of Regulation D of the Securities Act
44. 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
Utilitarianism
Statutory Seller
Writ of certiorari
Criminal Trial
45. One of the primary federal federal statutes
Chapter 7 of the Code
Short swing profits
Substitutes of consideration
Securities Act
46. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Statutory Seller
Foreign Sovereign Immunities Act
Rule 505 of Regulation D of the Securities Act
47. 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.
Section 12 (a)(1) of the Securities Act
Federal circuit court of appeals and the federal court of appeals
Companies that are subject to the exchange act (Reporting companies)
Motion
48. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Foreign Corrupt Practices Act
Liquidated damages clause
Federal district court
49. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Unilateral mistake
Discovery
Section 4 of the Securities Act
Token consideration
50. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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