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Test your basic knowledge |
CLEP Introductory Business Law
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Subjects
:
clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Attorney/client privilege
Employment law
Attachment
Hung jury
2. The right to hold a security interest on a debtor's property.
Answer
Lien
Burden of proof
Donee beneficiary
3. 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
Plaintiff
Automatic stay
Gramm-Leach-Bliley Act
Writ of habeas corpus
4. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Precedent
Misstatement or omission
Mental incapacity
5. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Reliance
Specific performance
Unilateral mistake
Counterclaims
6. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Export Administration Act (EAA)
Manufacturing defect
Chapter 7 of the Code
Contract with intoxicated persons
7. Regulates the handling of the pesticides being exported from and imported into the U.S.
Promisee's rights
Breach
Resource Conservation and Recovery Act
Federal Environmental Pesticide Control Act
8. 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
Expertised portion
Consideration
Civil liability
Judicial review
9. The Constitution makes treaties the 'supreme law of the land'
Control persons
'Blue sky' laws
Treaties authority
Attachment
10. A trivial defect in performance (the opposite of material breach).
Investment contracts
Goods
Gift
Substantial performance
11. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Writ of habeas corpus
Process of appealing a case through the three levels of court
Implied contracts
Statute of limitations
12. 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
Security interest
10-K
Suspect classification
Expectation damages (also known as the 'benefit of the bargain')
13. 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
Bilateral Investment Treaty program
Malpractice
Environmental Protection Agency (EPA)
'Takings'
14. 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
Deontological
Pretexting
Pre-existing duty
Retraction
15. A situation where one person unfairly benefits from a transaction
'Past consideration'
Defined benefit plans
Unjust enrichment
Export Administration Regulations (EAR)
16. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Restitution and rescission
Quasi-contract
National Labor Relations Board
Expectation damages (also known as the 'benefit of the bargain')
17. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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18. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Assignee's rights
Affirm or disaffirm
Contract with intoxicated persons
Gift
19. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Contract
Stare decisis
Undue influence
Assignee's rights
20. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Assignee's rights
Secured transaction
Executed exchange
Illusory promise
21. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Control persons
Anticipatory repudiation
Fair Debt Collection Act
Legal detriment
22. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Joint obligation
Strict liability
Americans with Disabilities Act (ADA)
Counteroffer
23. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Exempt securities and transactions
Fraud
Nonexpertized portions
24. Prevents discrimination against employees who are 40years old or more
Age Discrimination in Employment Act (ADEA)
Subject matter jurisdiction
Motion of directed verdict or of dismissal
Implied contract
25. It is an action to avoid unjust enrichment.
Restitution
Misrepresentation
Equal Employment Opportunity Commission (EEOC)
Investment contracts
26. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Post-trial motions
Adhesion
Performance
Model Rules of Professional Conduct
27. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Horizontal agreement
Section 7A of the Clayton Act
Occupational Safety and Health Act
Equal Credit Opportunity Act
28. The first court to consider an action
Clayton Act
Original jurisdiction
Trust
Criminal Law
29. When the creditor initiates the proceedings.
Involuntary proceeding
Contracts that prohibit assignment
Oral argument
Pension Benefit Guaranty Corporation (PBGC)
30. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Age Discrimination in Employment Act (ADEA)
Proxy
Employee-at-will
Obligor's rights
31. A party's damage award will be reduced by any loss he did or could have avoided.
Truth in Lending Act
Duty to mitigate
Criminal Law
Horizontal agreement
32. The obligee who officially assigned over his rights
Nonexpertized portions
Expertised portion
Assignor
Social entity or stakeholder theory of the corporation
33. Treaties between two nations addressing investment concerns
Collective bargaining
Obligee
Defined contribution plan
Bilateral investment treaties
34. He has the enforceable right against the obligor because he is considered the real party interest.
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35. A contract that is made where two promises are outstanding.
Bilateral contract
Reliance damages
Misstatement or omission
Assignee
36. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Writ of certiorari
Limited jurisdiction
Occupational Safety and Health Administration (OSHA)
Title VII of the Civil Rights Act of 1964
37. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Security agreement
Defendant
Gratuitous assignment
Social Security Act
38. Misrepresentation that was made with intent
Fraud
Rule 147 of the Securities Act
Section 11 of the Securities Act
Administrative Procedure Act
39. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Organization for Economic Co-operation and Development (OECD)
Enabling acts
Partial or trivial breach
Bureau of Consumer Protection
40. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Restatement (Second) of Contracts
Objective standard
10-Q
Informed consent
41. Laws that states have passed that aim at regulating securities transactions within their states.
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42. Not discriminating against foreign product - thereby treating all products within their border equally
Mutual assent
National Treatment
Bureau of Customs and Border Protection
Sham consideration
43. 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
Pre-existing duty
Environmental Protection Agency (EPA)
Regulation A of the Securities Act
Appellate jurisdiction
44. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Bona fide occupational qualification
Trust
Rational basis test
Joint obligation
45. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Performance
Rules of interpretation of a contract by a court
Security interest
Assignee's rights
46. Punitive damage - non-economic damages - and attorneys' fees
Unjust enrichment
Accord
Non-recoverable damages
Restatement (Second) of Contracts
47. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Answer
Section 5 of the Securities Act
Pension Benefit Guaranty Corporation (PBGC)
Exchange Act Regulations
48. The obligor does not need to provide consent - but does need to be given notice.
Process of assignment
Option contract
Specialized federal courts
Equal Credit Opportunity Act
49. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Multilateral treaties
Federal Trade Commission (FTC)
Liquidated damages clause
Process of assignment
50. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Proxy
Rule 505 of Regulation D of the Securities Act
Chapter 13 of the Code
Jurisdiction
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