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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. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Grand jury
'due process'
Rule of reason
Clayton Act
2. The party seeking to appeal the previous court's decision
Novation
Rule 506 of Regulation D of the Securities Act
Appellant
'Past consideration'
3. Discrimination based on race or sex
Employment discrimination
Trial court
Fair Debt Collection Act
Fair Credit Reporting Act
4. 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
Consequentialism
Informed consent
Preponderance of evidence
Federal Trade Commission (FTC)
5. When a control makes a profit purchasing and selling her shares within a six-month period
Manufacturing defect
Short swing profits
Affirmative defenses
Implied contract
6. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Foreign Sovereign Immunities Act
Manufacturing defect
National Labor Relations Board (NLRB)
Superfund
7. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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8. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Scienter
Negative causation
Gratuitous assignment
Plaintiff
9. Inadequate warning of danger - which can be construed as a design defect
Parol Evidence Rule
Unemployment compensation laws
Non-recoverable damages
Inadequate warning defect`
10. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
'Infants' or 'minors'
Reporting company
'Past consideration'
Section 4 of the Securities Act
11. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Assignee
Legal detriment
Assignment of rights
12. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Petit jury
Complete or total integration
The Council on Environmental Quality
Revocation
13. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Chapter 11 of the Code
Promise
Civil Law or Code Law
Misstatement or omission
14. 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
The Family and Medical Leave Act
National Environmental Policy Act (NEPA)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Clean Air Act
15. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Parol Evidence Rule
Common Law
Civil Law
Attachment
16. An exemption for securities sold outside of the U.S.
Motion to strike
Supreme Court powers
Regulation S of the Securities Act
Age Discrimination in Employment Act (ADEA)
17. 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.
Specific performance
Mortgage
Assignee's rights
Unilateral contract
18. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Chapter 7 of the Code
Occupational Safety and Health Act
Executed exchange
Unemployment compensation laws
19. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Subjective intent
Gramm-Leach-Bliley Act
Multilateral treaties
Procedural unconscionability
20. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Option contract
Quasi-contract
Common Law
Section 12 (a)(1) of the Securities Act
21. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Rule 504 of Regulation D of the Securities Act
Intended beneficiary
Regulation D of the Securities Act
United States Bankruptcy Code ('Code')
22. 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
Process of appealing a case through the three levels of court
Legal capacity
Administrative Procedure Act
Precedent
23. 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
Social Security Administration
Design defect
10-K
Quasi-suspect classification
24. 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
Affirmative defenses
Assignee's rights
Total breach
Accord
25. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Social Security Administration
Rule 506 of Regulation D of the Securities Act
Restatement (Second) of Contracts
26. A trivial defect in performance (the opposite of material breach).
Price fixing
Substantial performance
Treaties authority
The Social Security Administration
27. It is an action to avoid unjust enrichment.
Restitution
Expertised portion
Condition concurrent
Foreclosure
28. Misrepresentation that was made with intent
Limited jurisdiction
Counterclaims
Fraud
Employee-at-will
29. One of the primary federal federal statutes
Securities Act
Section 7A of the Clayton Act
Involuntary proceeding
Personal jurisdiction
30. He has the enforceable right against the obligor because he is considered the real party interest.
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31. 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.
Group boycotts
Novation
Remediation
Treaties authority
32. 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
Title VII of the Civil Rights Act of 1964
Effect of delegation
Tender offers
Exempt securities and transactions
33. 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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34. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Section 12 (a)(1) of the Securities Act
Strict liability
Regulation A of the Securities Act
Administrative Procedure Act
35. The property that is the subject of a security interest
Collateral
Penalty
Rule 506 of Regulation D of the Securities Act
Informed consent
36. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Statutory Seller
Commercial speech
Defined benefit plans
The Statute of Frauds
37. Previous decisions made by decisions - by which the current judges must abide by.
Securities and Exchange Commission
National Environmental Policy Act (NEPA)
Precedent
General jurisdiction
38. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Limited jurisdiction
Prosecution
Collective bargaining
National Environmental Policy Act (NEPA)
39. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Anticipatory repudiation
Federal Trade Commission (FTC)
Res ipsa loquitor
Workers compensation laws
40. 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
Mental incapacity
Substantive unconscionability
Legal capacity
Specialized federal courts
41. 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.
Injunction
Lien
Undue influence
Contract law
42. 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.
Petit jury
Perfected
Social Security Administration
Workers compensation laws
43. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Who is liable
Consumer protection
Procedural unconscionability
When an assignment becomes void
44. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Personal jurisdiction
Lanham Act
Criminal Law
Model Rules of Professional Conduct
45. 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
Reliance damages
'Blue sky' laws
Adhesion
Consequentialism
46. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Section 5 of the Securities Act
Regulation D of the Securities Act
'meeting of the minds'
Performance
47. A party's damage award will be reduced by any loss he did or could have avoided.
Undue influence
Monopoly
Prosecution
Duty to mitigate
48. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Mental incapacity
Fair Credit Reporting Act
Original jurisdiction
Bargained-for-exchange
49. The creditor's security interest in real property
Gratuitous assignment
Clean Air Act
Beneficiary's rights
Mortgage
50. The exchange of promises or an exchange of a promise for a performance.
Taking a contract 'out of the Statute of Frauds'
Stare decisis
Bargained-for-exchange
8-K