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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. 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
Total breach
Anticipatory repudiation
Revocation
Taking a contract 'out of the Statute of Frauds'
2. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Accord
'in pari delicto'
Mistake
Bilateral investment treaties
3. 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.
Securities
Breach
Jurisdiction
Implied contract
4. 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
Fair Credit Reporting Act
Intended beneficiaries of government contract
Rules of interpretation of a contract by a court
Demand assurance
5. Prohibits institutions from discrimination related to credit applications
Gratuitous assignment
Substantive unconscionability
Duty to mitigate
Equal Credit Opportunity Act
6. 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
Subject matter jurisdiction
Non-recoverable damages
Motion for a more definitive statement
Examples of Uniform Laws
7. 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
Rule 506 of Regulation D of the Securities Act
Res ipsa loquitor
Defined benefit plans
Malpractice
8. Previous decisions made by decisions - by which the current judges must abide by.
Precedent
Title VII of the Civil Rights Act of 1964
Private placement
Condition precedent
9. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Exempt securities and transactions
Goods
Indictment
The Family and Medical Leave Act
10. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Employment discrimination
Product liability
Consequentialism
Grand jury
11. The Constitution makes treaties the 'supreme law of the land'
Unilateral rescission
Treaties authority
Material breach
Social Security Act
12. 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
Stare decisis
Obligor's rights
Enabling acts
Mortgage
13. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Federal district court
Demurrer
Rational basis test
Implied contract
14. When the debtor voluntarily initiates the bankruptcy proceedings
Promise
Voluntarily proceeding
Federal district court
Exempt securities and transactions
15. The exchange of promises or an exchange of a promise for a performance.
Bargained-for-exchange
Consequential damages
Product liability
Assignment of rights
16. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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17. 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
Petit jury
Pre-existing duty
Defenses against liability of misrepresentations or omissions
Environmental Protection Agency
18. 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
Securities Act
Environmental Protection Agency
Adhesion
Uniform Laws
19. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Sherman Act
Unemployment compensation laws
Investment contracts
Pretexting
20. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Toxic Substances Control Act
Liquidated damages clause
Federal question jurisdiction
Effect of delegation
21. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 505 of Regulation D of the Securities Act
Effect of delegation
Federal Insurance Contributions Act
Fair Debt Collection Act
22. Legally recognized injury
Injury-in-fact
Breach
Bureau of Consumer Protection
Proxy
23. Treaties entered into between two nations
Exchange Act Regulations
Social Security Administration
Environmental Protection Agency
Bilateral treaties
24. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Mutual mistake
Toxic Substances Control Act
Secured transaction
Retraction
25. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Perfected
When an assignment becomes void
Pretexting
Attachment
26. 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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27. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
'Past consideration'
10-K
Bilateral Investment Treaty program
Exchange Act Regulations
28. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Revocability
Jurisdiction
Remand
National Labor Relations Board
29. 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.
Equal protection
Exclusive distributor agreements
Satisfaction
Federal Rules of Civil Procedures
30. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Other constituency statutes
Appellant
Monopoly
Federal Insurance Contributions Act
31. 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.
Mental incapacity
Attorney/client privilege
Lien
Beneficiary's rights
32. Obtaining consumer's private financial information under false pretenses
Stare decisis
Counterclaims
Pretexting
Chapter 11 of the Code
33. 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.
Fair Credit Reporting Act
Post-trial motions
Specific performance
Judicial review
34. A condition that occurs at the same time as performance
Condition concurrent
Defined contribution plan
Equal Credit Opportunity Act
Motion for a more definitive statement
35. 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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36. Discrimination based on race or sex
Product liability
Employment discrimination
Levels of courts
Supervening illegality
37. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Bilateral contract
Adhesion
Criminal Trial
Unilateral rescission
38. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Group boycotts
Securities Exchange Act of 1934
Federal circuit court of appeals and the federal court of appeals
Informed consent
39. 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
Beneficiary's rights
Assignee
Mental incapacity
Undue influence
40. The right to hold a security interest on a debtor's property.
Partial or trivial breach
Inadequate warning defect`
Affirmative defenses
Lien
41. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Implied terms
Anticipatory repudiation
Chapter 11 of the Code
Criminal Trial
42. A contract that is made where two promises are outstanding.
Partial or trivial breach
Securities and Exchange Commission
Bilateral contract
Foreclosure
43. Defenses that would prevent the plaintiff from holding the defendant liable
Affirmative defenses
Civil liability
Duties that cannot be delegated
Appellee or respondent
44. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
'Quid pro quo'
Obligor's rights
Liability based on intentional tort
Foreign Sovereign Immunities Act
45. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Option contract
Specific performance
Goods
Product liability
46. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Verdict
Contract
Donee beneficiary
Federal Insurance Contributions Act
47. It is an action to avoid unjust enrichment.
10-K
Section 701 of the Securities Act
Motion to strike
Restitution
48. 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
Contract law
Federal Insurance Contributions Act
Legal capacity
49. Negative causation - due diligence defense - ...
Rule 12b (6) motion
Clean Water Act
Fair Debt Collection Act
Defenses against liability of misrepresentations or omissions
50. 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 -
Consideration
Judgment n.o.v.
'de nuvo'
Civil Law or Code Law