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Test your basic knowledge |
CLEP Introductory Business Law
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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. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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2. An exemption for securities sold outside of the U.S.
Regulation S of the Securities Act
Chapter 7 of the Code
'Takings'
Mistake
3. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Contract with intoxicated persons
Clean Air Act
A motion of summary judgement
Total breach
4. Actions designed to permanently reduce the health and safety risk associated with the site.
Commencing a lawsuit
Writ of habeas corpus
Concurrent conflict of interests
Remediation
5. The creditor's security interest in real property
'Mirror image' rule
Petit jury
Mortgage
'Definite and certain'
6. The obligor does not need to provide consent - but does need to be given notice.
Process of assignment
Securities Act
Chapter 11 of the Code
Liquidated damages clause
7. Regulates radio - television - and other forms of interstate communications
Revocability
'due process'
Federal Communications Commission
Trademark
8. Discrimination based on race or sex
Reliance damages
National Labor Relations Act
Creditor
Employment discrimination
9. Regulates the handling of the pesticides being exported from and imported into the U.S.
National Environmental Policy Act (NEPA)
Incidental beneficiary
Federal Rules of Civil Procedures
Federal Environmental Pesticide Control Act
10. 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
Restitution and rescission
Stare decisis
'Ffour corners'
Expertised portion
11. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
The Statute of Frauds
Performance
Condition
12. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Adhesion
Occupational Safety and Health Act
Materiality
Any statutory seller
13. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Liquidated damages clause
Subjective intent
Discharge of contract
Fraud
14. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Section 5 of the Securities Act
Legal detriment
Remediation
Duress
15. Place of permanent residence
Domicile
Superfund
Stare decisis
Burden of proof
16. 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.).
Informed consent
Motion of directed verdict or of dismissal
Rule of reason
Post-trial motions
17. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Horizontal agreement
Motion to strike
Misstatement or omission
National Environmental Policy Act (NEPA)
18. 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
Export Administration Act (EAA)
'Mailbox' rule
Limited jurisdiction
19. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Personal jurisdiction
Rules of interpretation of a contract by a court
Rule 12b (6) motion
Employee-at-will
20. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Defendant
Incidental beneficiary
Criminal Law
Export Administration Act (EAA)
21. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Excuse of condition
Federal Rules of Civil Procedures
Writ of habeas corpus
Priority of secured transactions
22. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Securities and Exchange Commission
Exclusive dealing agreement
Mutual assent
Design defect
23. 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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24. A condition that cuts off a pre-existing duty
Novation
Condition subsequent
'Definite and certain'
'meeting of the minds'
25. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Taking a contract 'out of the Statute of Frauds'
Prosecution
Supervening illegality
Who is liable
26. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Executed exchange
Consideration
Utilitarianism
Examples of Uniform Laws
27. A person who is not an intended beneficiary
Voluntarily proceeding
Duties that cannot be delegated
Revocability
Incidental beneficiary
28. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Negative causation
Strict liability
Manufacturing defect
10-K
29. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Answer
Motion
Social Security Act
Retraction
30. 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.
Attorney/client privilege
Process of assignment
Contract law
Unemployment compensation laws
31. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Levels of courts
Economic waste
Content-neutral restrictions
Quasi-suspect classification
32. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Res judicata
Section 5 of the Securities Act
Nonexpertized portions
Subject matter jurisdiction
33. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Social Security Act
Foreclosure
Mutual assent
34. 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
Resource Conservation and Recovery Act
Proxy
8-K
Misappropriation theory
35. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Prosecution
Creditor
'Definite and certain'
Pre-existing duty
36. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Securities Act Registration
Lanham Act
Undue influence
Total breach
37. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Accredited investor
Incidental beneficiary
Token consideration
38. An annual report required by the Exchange Act
Prospectus
Rules of construction
10-K
Gift
39. 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
Trademark
Rational basis test
Executed exchange
40. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Liability based on intentional tort
Supreme Court powers
Condition precedent
Contracts that prohibit assignment
41. When both parties agree to rescind the contract
Mutual rescission
Duress
Automatic stay
Answer
42. The person to extends credit or a loan - and hence the person to whom a debt is owed
Creditor
Exempt securities and transactions
Clean Water Act
Oral argument
43. The person who assigns her rights
Supreme Court powers
Obligee
Group boycotts
Section 10(b) and Rule 10b-5 of the Exchange Act
44. The promisor's failure to perform in accordance with the terms of the contract
Breach
Examples of Uniform Laws
Trademark
Equal protection
45. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Donee beneficiary
Multilateral treaties
Writ of certiorari
'Mirror image' rule
46. An intent to deceive or defraud
Scienter
Subject matter jurisdiction
Misstatement or omission
Workers compensation laws
47. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Trial court
Equity of redemption
Economic waste
48. 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.
Novation
Foreclosure
Implied contract
Control persons
49. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
National Environmental Policy Act (NEPA)
Satisfaction
Deontological
Consideration
50. Seeks to promote market economics and democratic governments
Equal Employment Opportunity Commission (EEOC)
Motion
Organization for Economic Co-operation and Development (OECD)
Rules of interpretation of a contract by a court
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