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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. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Process of assignment
Obligor
Appellate jurisdiction
2. The party seeking to appeal the previous court's decision
Rule 506 of Regulation D of the Securities Act
Appellant
Judicial review
National Institute for Occupational Health
3. Manages the nation's social security system
Mental incapacity
Fair Labor Standards Act (FLSA)
The Social Security Administration
Revocation
4. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Excuse of condition
Negative causation
Revocation
Token consideration
5. 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.).
Mortgage
Post-trial motions
Third party beneficiary
Unemployment compensation laws
6. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Equity of redemption
Answer
Regulation S of the Securities Act
Bureau of Consumer Protection
7. 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.
Accredited investor
Limited jurisdiction
Economic waste
Non-recoverable damages
8. Place of permanent residence
Domicile
Demand assurance
Affirmative defenses
Contract law
9. When both parties agree to rescind the contract
Rule 12b (6) motion
Chapter 11 of the Code
Mutual rescission
Subject matter jurisdiction
10. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Federal district court
Tender offers
Equal Credit Opportunity Act
Federal Trade Commission (FTC)
11. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
General jurisdiction
Corporate social responsibility
Monopoly
Petit jury
12. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Defined benefit plans
Exempt securities and transactions
Preponderance of evidence
Rule of reason
13. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Grand jury
Illusory promise
Rules of interpretation of a contract by a court
Strict liability
14. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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15. A contract that is made where two promises are outstanding.
Environmental Protection Agency
Bilateral contract
Pleadings
Involuntary proceeding
16. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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17. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Affirmative defenses
Who is liable
Occupational Safety and Health Act
Consideration
18. 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
Substitutes of consideration
Security agreement
Priority of secured transactions
Trial court
19. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Per se
Foreign Corrupt Practices Act
Mistake
Employee-at-will
20. 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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21. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Trust
Original jurisdiction
Investment contracts
Fair Credit Reporting Act
22. The obligation to establish his claims first
Motion of directed verdict or of dismissal
Subjective intent
Burden of proof
Discharge of contract
23. The Constitution makes treaties the 'supreme law of the land'
Nonexpertized portions
Treaties authority
Condition concurrent
Rule 147 of the Securities Act
24. When the jury retires to a separate room to decide the outcome of the case.
Contract with intoxicated persons
Deliberation
Counteroffer
Retraction
25. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Misstatement or omission
Unconscionability
Strict liability
Res judicata
26. Oversees the purchase and sale of securities
Securities and Exchange Commission
Jurisdiction
Occupational Safety and Health Administration (OSHA)
The Family and Medical Leave Act
27. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Model Rules of Professional Conduct
Strict liability
Lanham Act
Americans with Disabilities Act (ADA)
28. The exchange of promises or an exchange of a promise for a performance.
Rule 504 of Regulation D of the Securities Act
Consequentialism
Indictment
Bargained-for-exchange
29. The promisor's failure to perform in accordance with the terms of the contract
Equal Credit Opportunity Act
Companies that are subject to the exchange act (Reporting companies)
Bona fide occupational qualification
Breach
30. 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)
Condition concurrent
Remand
Group boycotts
Occupational Safety and Health Act
31. A promise that is inferred from a person's conduct or the circumstances of the transaction
Ordinances
Implied contract
Environmental Protection Agency
The Family and Medical Leave Act
32. 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
Exclusive distributor agreements
Section 11 of the Securities Act
Commercial speech
The Social Security Administration
33. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Bona fide occupational qualification
Discharge of contract
Per se
34. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Retraction
Securities Act
Misappropriation theory
Export Administration Act (EAA)
35. 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
Affirm or disaffirm
Stare decisis
Total breach
Delegation
36. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Unjust enrichment
Obligor's rights
Foreign Sovereign Immunities Act
37. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Standing
Expropriation
The Environmental Quality Report
Public company
38. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
National Treatment
Statutory Seller
Voluntarily proceeding
Post-trial motions
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.
Donee beneficiary
'Quid pro quo'
Novation
Trial court
40. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Excuse of condition
Section 7A of the Clayton Act
Motion
Incidental beneficiary
41. 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
Occupational Safety and Health Act
Res ipsa loquitor
Superfund
Unsecured creditor
42. The obligee who officially assigned over his rights
'Takings'
Administrative Procedure Act
Assignor
Short swing profits
43. Administers federal labor laws
National Labor Relations Act
National Labor Relations Board
Taking a contract 'out of the Statute of Frauds'
Securities and Exchange Commission
44. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Administrative law judges
Substitutes of consideration
Section 10(b) and Rule 10b-5 of the Exchange Act
Joint obligation
45. 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
Creditor beneficiary
10-K
Social Security Administration
Revocation
46. 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.
Token consideration
Section 7A of the Clayton Act
Condition concurrent
Pension Benefit Guaranty Corporation (PBGC)
47. 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
Appellate jurisdiction
Security agreement
Uniform Commercial Code ('UCC')
48. Ethical behavior in terms of its consequences ('the end justifies the means')
Misrepresentation
'Takings'
Intended beneficiary
Consequentialism
49. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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50. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Mutual rescission
Exempt securities and transactions
Common Law