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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 among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Mutual assent
Market division
Consequentialism
Uniform Commercial Code ('UCC')
2. A current report required by the Exchange Act
8-K
Commercial speech
Perfected
Partial or trivial breach
3. 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
Legal ethics
Unemployment compensation laws
Misstatement or omission
Social Security Administration
4. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Contract with intoxicated persons
Res ipsa loquitor
Sham consideration
The Social Security Administration
5. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Substantive unconscionability
National Labor Relations Act
Unilateral rescission
Complete or total integration
6. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Federal Information Act
National Labor Relations Board (NLRB)
Commencing a lawsuit
Reliance damages
7. 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.
Rules of construction
A motion of summary judgement
Beneficiary's rights
Grand jury
8. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Group boycotts
Gratuitous assignment
Bureau of Customs and Border Protection
Security agreement
9. A condition that cuts off a pre-existing duty
Summons
Rule 505 of Regulation D of the Securities Act
Condition subsequent
Retraction
10. 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.
Automatic stay
Injury-in-fact
Mutual assent
Employee Retirement Income Security Act (ERISA)
11. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Direct damages
Parol Evidence Rule
Federal question jurisdiction
Fair Debt Collection Act
12. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Specialized federal courts
Condition subsequent
Exempt securities and transactions
Expectation damages (also known as the 'benefit of the bargain')
13. When the jury retires to a separate room to decide the outcome of the case.
Malpractice
Deliberation
Chapter 13 of the Code
Unjust enrichment
14. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Pension Benefit Guaranty Corporation (PBGC)
Intended beneficiaries of government contract
Unilateral mistake
The Social Security Administration
15. 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.
Involuntary proceeding
Securities
Inadequate warning defect`
Direct damages
16. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Sherman Act
Rule 504 of Regulation D of the Securities Act
Injunction
Section 10(b) and Rule 10b-5 of the Exchange Act
17. 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
Equal Pay Act (EPA)
Common Law
Clean Water Act
Chapter 7 of the Code
18. 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
Foreclosure
Subject matter jurisdiction
Clayton Act
Misstatement or omission
19. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
General Agreement on Tariffs and Trades
Grand jury
Environmental Protection Agency (EPA)
Bilateral Investment Treaty program
20. 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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21. 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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22. Rules of ethics that govern the practice of law and the conduct of lawyers
Shareholder primacy
Promisor's rights (in relation to the beneficiary)
'meeting of the minds'
Legal ethics
23. Prohibits institutions from discrimination related to credit applications
Pregnancy Discrimination ACt
Equal Credit Opportunity Act
Unilateral contract
Parol Evidence Rule
24. 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
Securities and Exchange Commission
General Agreement on Tariffs and Trades
Fair Credit Reporting Act
Priority of secured transactions
25. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Rational basis test
Deontological
Consumer protection
Intended beneficiaries of government contract
26. A misrepresentation made with knowledge of its inaccuracy
Scienter
Accord
'Mirror image' rule
National Labor Relations Act
27. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Defenses against liability of misrepresentations or omissions
'Takings'
Substitutes of consideration
28. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Reliance
Environmental Protection Agency
Group boycotts
Truth in Lending Act
29. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Liquidated damages clause
Demand assurance
Other constituency statutes
Defendant
30. 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 -
Beneficiary's rights
Civil Law or Code Law
Complete or total integration
Export Administration Act (EAA)
31. The obligor does not need to provide consent - but does need to be given notice.
Chapter 7 of the Code
Civil Law or Code Law
Process of assignment
Occupational Safety and Health Act
32. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Lanham Act
Securities and Exchange Commission
Perfected
Public company
33. It regulates chemical substances
Undue influence
Toxic Substances Control Act
Substantive unconscionability
Securities
34. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Changed circumstances that allow a party to be excused from performance under the contract
'Takings'
Proxy
35. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Involuntary proceeding
Americans with Disabilities Act (ADA)
Petit jury
Section 10(b) and Rule 10b-5 of the Exchange Act
36. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Hung jury
Employee Retirement Income Security Act (ERISA)
Section 7A of the Clayton Act
Levels of courts
37. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Anticipatory repudiation
'Mirror image' rule
Section 4 of the Securities Act
National Labor Relations Board
38. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Prospectus
Demand assurance
Federal Rules of Civil Procedures
Manufacturing defect
39. The party seeking to appeal the previous court's decision
Anticipatory repudiation
Assignment of rights
Social Security Act
Appellant
40. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
When an assignment becomes void
Mortgage
Strict liability
Fair Debt Collection Act
41. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Expertised portion
Donee beneficiary
Bilateral investment treaties
Rule 144 of the Securities Act
42. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Assignment of rights
Consequentialism
Mutual mistake
Trial court
43. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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44. The agreement to create a security interest
Security agreement
Priority of secured transactions
Vertical agreements
Occupational Safety and Health Act
45. The creditor's security interest in real property
Goods
Mortgage
Unjust enrichment
The Council on Environmental Quality
46. Claims that the defendant has against the plaintiff
Counterclaims
'Mirror image' rule
Clean Water Act
Option contract
47. 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)
Workers compensation laws
Group boycotts
Incidental beneficiary
Proxy
48. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Petit jury
Remediation
Discharge of contract
Hung jury
49. Defenses that would prevent the plaintiff from holding the defendant liable
Affirmative defenses
Exclusive dealing agreement
Regulation S of the Securities Act
Burden of proof
50. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Appellate jurisdiction
Creditor
Unilateral rescission
Secured transaction