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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. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Implied contracts
Obligor
Petit jury
Oral argument
2. Rules of ethics that govern the practice of law and the conduct of lawyers
Federal Information Act
Jurisdiction
Legal ethics
Employee Retirement Income Security Act (ERISA)
3. When the creditor initiates the proceedings.
Judgment n.o.v.
Involuntary proceeding
Statutory Seller
Bargained-for-exchange
4. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Who is liable
Revocability
Clayton Act
Sherman Act
5. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Res judicata
Duties that cannot be delegated
Section 5 of the Securities Act
Chapter 11 of the Code
6. He has the enforceable right against the obligor because he is considered the real party interest.
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7. A situation where one person unfairly benefits from a transaction
Contracts that prohibit assignment
Affirmative defenses
Unjust enrichment
Lien
8. A quarterly report required by the Exchange Act
Taking a contract 'out of the Statute of Frauds'
Illusory promise
10-Q
Rule 144 of the Securities Act
9. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Fair Credit Reporting Act
Employee-at-will
Indictment
Market division
10. 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
Gramm-Leach-Bliley Act
Resource Conservation and Recovery Act
Injunction
Preponderance of evidence
11. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Federal Rules of Civil Procedures
Material breach
Motion of directed verdict or of dismissal
Reliance
12. 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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13. 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 -
Any statutory seller
Sherman Act
Securities and Exchange Commission
Writ of certiorari
14. 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.
Appellant
Horizontal agreement
Utilitarianism
Petit jury
15. 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
Consideration
Equal protection
Federal Trade Commission
General jurisdiction
16. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Restatement (Second) of Contracts
Who is liable
Appellate jurisdiction
Mutual mistake
17. A trust formed to dominate an industry
Exempt securities and transactions
Monopoly
Any statutory seller
Penalty
18. 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.
Pretexting
Uniform Laws
Accord
Mistake
19. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Satisfaction
Express contract
Deliberation
Securities
20. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Concurrent conflict of interests
Private placement
Common Law
Bilateral contract
21. It represents notice that a lawsuit has been filed against the defendant
Federal Communications Commission
Malpractice
Penalty
Summons
22. Both a rejection and termination of the original offer.
Material breach
10-K
Subject matter jurisdiction
Counteroffer
23. When the debtor voluntarily initiates the bankruptcy proceedings
Bilateral investment treaties
Gramm-Leach-Bliley Act
Voluntarily proceeding
Other constituency statutes
24. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Utilitarianism
Resource Conservation and Recovery Act
Securities and Exchange Commission
Unilateral contract
25. 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
Express contract
Obligor's rights
Stare decisis
Commercial speech
26. Seeks to promote market economics and democratic governments
Appellate jurisdiction
Employment law
Judgment n.o.v.
Organization for Economic Co-operation and Development (OECD)
27. 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)
Unilateral rescission
Group boycotts
Rules of construction
Unconscionability
28. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Defined contribution plan
Gift
Export Administration Regulations (EAR)
Process of appealing a case through the three levels of court
29. The person who assigns her rights
Substantive unconscionability
Civil liability
Obligee
Reliance damages
30. 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).
Creditor beneficiary
Manufacturing defect
Environmental Protection Agency (EPA)
Standing
31. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Substantial performance
Judicial review
Reliance
Total breach
32. Contracts that are formed for the intended benefit of some third party.
Substantive unconscionability
Third party beneficiary
Deliberation
Res ipsa loquitor
33. A misrepresentation made with knowledge of its inaccuracy
Donee beneficiary
'in pari delicto'
Scienter
Other constituency statutes
34. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Fair Debt Collection Act
Plaintiff
Model Rules of Professional Conduct
Civil Law
35. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Content-neutral restrictions
Plaintiff
Suspect classification
Accord
36. A trivial defect in performance (the opposite of material breach).
Substantial performance
Executed exchange
Lien
Mutual mistake
37. An exemption for transactions involving offerings to employees.
Counteroffer
Securities Act
Rules of construction
Section 701 of the Securities Act
38. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Restitution and rescission
Civil Law or Code Law
Section 10(b) and Rule 10b-5 of the Exchange Act
Expropriation
39. 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.
Attachment
Consequential damages
Economic waste
Novation
40. 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 -
Civil Law or Code Law
'Infants' or 'minors'
Exclusive dealing agreement
Bureau of Customs and Border Protection
41. An annual report required by the Exchange Act
Section 7A of the Clayton Act
Accredited investor
10-K
Express contract
42. 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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43. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Contract
Production quotas
Liquidated damages clause
Expertised portion
44. Administers federal labor laws
National Labor Relations Board
Equal protection
Security interest
Legal capacity
45. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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46. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
'Quid pro quo'
Section 10(b) and Rule 10b-5 of the Exchange Act
Administrative law judges
Intended beneficiaries of government contract
47. A condition that must occur before a duty to perform arises
Resource Conservation and Recovery Act
Bilateral treaties
Condition precedent
Parol Evidence Rule
48. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Control persons
Obligor
Indictment
Performance
49. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Objective standard
Promise
Pre-existing duty
Treaties authority
50. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Original jurisdiction
Lien
Objective standard
Defined contribution plan