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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. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Federal Trade Commission (FTC)
Group boycotts
Social Security Administration
Demurrer
2. 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
Criminal Trial
Trademark
Effect of delegation
Occupational Safety and Health Act
3. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Production quotas
Security interest
Securities Exchange Act of 1934
Expropriation
4. A supervening stature makes a contract illegal - and thereby makes performance impossible
Grand jury
Duties that cannot be delegated
Rule 504 of Regulation D of the Securities Act
Supervening illegality
5. A quarterly report required by the Exchange Act
Federal Trade Commission
Mutual assent
10-Q
Incidental beneficiary
6. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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7. 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
Creditor beneficiary
Equal Pay Act (EPA)
Oral argument
Quasi-suspect classification
8. The person to extends credit or a loan - and hence the person to whom a debt is owed
Accord
Legal capacity
Creditor
Rules of construction
9. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Organization for Economic Co-operation and Development (OECD)
Anticipatory repudiation
Reporting company
10. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Unemployment compensation laws
Nonexpertized portions
Title VII of the Civil Rights Act of 1964
Diversity jurisdiction
11. A contract that is made where two promises are outstanding.
Lanham Act
Accord
Bilateral contract
Equal protection
12. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
A motion of summary judgement
Implied contracts
Bilateral investment treaties
Export Administration Regulations (EAR)
13. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Undue influence
Quasi-suspect classification
National Institute for Occupational Health
Unjust enrichment
14. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Short swing profits
Criminal Law
Social Security Act
Federal district court
15. It is a promise stated in words - either oral or written.
Express contract
General jurisdiction
Prospectus
Taking a contract 'out of the Statute of Frauds'
16. The creditor's security interest in real property
'clear and present'
Mortgage
Foreign Sovereign Immunities Act
Negative causation
17. The obligation to establish his claims first
Unconscionability
Burden of proof
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Supervening illegality
18. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Discovery
Trademark
Motion to strike
19. A company subject to the Exchange Act
Bilateral Investment Treaty program
Per se
National Labor Relations Board
Reporting company
20. A distinct mark or symbol that identifies a business and its products
National Labor Relations Board
Liquidated damages clause
Suspect classification
Trademark
21. Regulates air and water pollution as well as address problems associated with certain toxic substances
Gramm-Leach-Bliley Act
Environmental Protection Agency
Federal Trade Commission
Assignee
22. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Americans with Disabilities Act (ADA)
Rational basis test
Defendant
Clayton Act
23. The first court to consider an action
Automatic stay
Defendant
Original jurisdiction
Motion
24. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Rule 504 of Regulation D of the Securities Act
Condition concurrent
National Labor Relations Board (NLRB)
Rule of reason
25. Automatic violations of the Sherman Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Rule 505 of Regulation D of the Securities Act
Per se
Any statutory seller
26. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Performance
Appellate jurisdiction
Companies that are subject to the exchange act (Reporting companies)
National Treatment
27. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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28. Regulates the handling of the pesticides being exported from and imported into the U.S.
When an assignment becomes void
Discovery
Federal Environmental Pesticide Control Act
Promisor's rights (in relation to the beneficiary)
29. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Clean Water Act
Clean Air Act
Uniform Laws
Reliance damages
30. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Offer
Judgment n.o.v.
Monopoly
Expertised portion
31. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Materiality
Concurrent conflict of interests
Injunction
Securities and Exchange Commission
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. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Material breach
Limited jurisdiction
Securities and Exchange Commission
Control persons
34. 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 -
Offer
Workers compensation laws
Any statutory seller
Rule 12b (6) motion
35. A trivial defect in performance (the opposite of material breach).
Mutual rescission
Substantial performance
Adhesion
Rule 12b (6) motion
36. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Exchange Act Regulations
Rules of construction
Stare decisis
'de nuvo'
37. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Materiality
Diversity jurisdiction
Title VII of the Civil Rights Act of 1964
Specialized federal courts
38. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Substantial performance
Negative causation
Fair Credit Reporting Act
Accredited investor
39. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Superfund
Goods
Vertical agreements
Process of appealing a case through the three levels of court
40. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Promisor's rights (in relation to the beneficiary)
Any statutory seller
The Family and Medical Leave Act
41. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Employment law
Accord
Title VII of the Civil Rights Act of 1964
Answer
42. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Complete or total integration
Pleadings
Equal Pay Act (EPA)
The Family and Medical Leave Act
43. When both parties agree to rescind the contract
Total breach
Equal Pay Act (EPA)
Non-recoverable damages
Mutual rescission
44. Contracts that are formed for the intended benefit of some third party.
Assignment of rights
Unilateral mistake
Third party beneficiary
Collateral
45. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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46. A current report required by the Exchange Act
8-K
Duties that cannot be delegated
Non-recoverable damages
Product liability
47. Place of permanent residence
Fair Debt Collection Act
Domicile
'Definite and certain'
Occupational Safety and Health Act
48. 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
Securities Act Registration
Contract law
'Blue sky' laws
Total breach
49. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Bureau of Customs and Border Protection
Automatic stay
Mortgage
National Ambient Air Quality Standards
50. The written set of charges against the defendant - which is presented to a grand jury.
Intended beneficiary
Security agreement
Mortgage
Indictment