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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. The exchange of promises or an exchange of a promise for a performance.
'meeting of the minds'
Bargained-for-exchange
Prosecution
Exempt securities and transactions
2. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Fair Labor Standards Act (FLSA)
Motion of directed verdict or of dismissal
Bureau of Consumer Protection
Commercial speech
3. 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.
Americans with Disabilities Act (ADA)
Implied contract
Precedent
Obligor
4. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Prospectus
Sherman Act
The Statute of Frauds
Mutual mistake
5. 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
Priority of secured transactions
Process of appealing a case through the three levels of court
Deontological
Workers compensation laws
6. 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 -
Hung jury
Intended beneficiary
Mortgage
Priority of secured transactions
7. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Defined contribution plan
Rules of interpretation of a contract by a court
Any statutory seller
8. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Appellate jurisdiction
When an assignment becomes void
Section 7A of the Clayton Act
Petit jury
9. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Revocation
Rule 144 of the Securities Act
Regulation S of the Securities Act
Occupational Safety and Health Act
10. 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.
Anticipatory repudiation
Workers compensation laws
Limited jurisdiction
Adhesion
11. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Who is liable
Accord
Deliberation
Clean Water Act
12. The right to hold a security interest on a debtor's property.
Per se
Termination of an invitation to make an offer
Lien
Goods
13. A person who is not an intended beneficiary
Gift
Inadequate warning defect`
Indictment
Incidental beneficiary
14. Negative causation - due diligence defense - ...
Perfected
Multilateral treaties
Defenses against liability of misrepresentations or omissions
Informed consent
15. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
'meeting of the minds'
Resource Conservation and Recovery Act
Misstatement or omission
Levels of courts
16. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Misrepresentation
Goods
Assignment of rights
Burden of proof
17. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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18. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Proxy
Offer
Tender offers
Clayton Act
19. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Preponderance of evidence
Expectation damages (also known as the 'benefit of the bargain')
Counterclaims
Toxic Substances Control Act
20. The written set of charges against the defendant - which is presented to a grand jury.
Third party beneficiary
Indictment
Equity of redemption
Concurrent conflict of interests
21. 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.
Federal district court
Federal Trade Commission
Pension Benefit Guaranty Corporation (PBGC)
Group boycotts
22. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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23. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
National Labor Relations Act
Pregnancy Discrimination ACt
Shareholder primacy
Partial or trivial breach
24. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Summons
National Institute for Occupational Health
Manufacturing defect
Judgment n.o.v.
25. 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
Obligor
Res ipsa loquitor
Adhesion
Prospectus
26. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
Contracts that prohibit assignment
The Statute of Frauds
Production quotas
27. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Clayton Act
Hung jury
Equal Pay Act (EPA)
Mutual rescission
28. Employers make payments to retired employees based on the length of their employment and the wages they received.
Federal Insurance Contributions Act
Defined benefit plans
Counterclaims
Short swing profits
29. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Changed circumstances that allow a party to be excused from performance under the contract
Goods
Criminal Trial
Rules of construction
30. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Condition subsequent
'Mirror image' rule
Contract law
Federal Insurance Contributions Act
31. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Export Administration Regulations (EAR)
'Infants' or 'minors'
Contracts that prohibit assignment
Defined benefit plans
32. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Direct damages
Mental incapacity
Prosecution
National Ambient Air Quality Standards
33. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Americans with Disabilities Act (ADA)
'de nuvo'
General jurisdiction
Obligor
34. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
The Statute of Frauds
Plaintiff
'Past consideration'
Pension Benefit Guaranty Corporation (PBGC)
35. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Parol Evidence Rule
Any statutory seller
Substantial performance
Chapter 7 of the Code
36. Torts and contracts... represents law that regulates the relationships between parties.
Restatement (Second) of Contracts
Plaintiff
Civil Law
The Family and Medical Leave Act
37. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Rule 504 of Regulation D of the Securities Act
Implied terms
Supreme Court powers
Misappropriation theory
38. 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
Federal question jurisdiction
Per se
Criminal Trial
Shareholder primacy
39. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
The Environmental Quality Report
The Family and Medical Leave Act
Undue influence
Creditor
40. 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.
Judicial review
Burden of proof
Bargained-for-exchange
Mistake
41. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Companies that are subject to the exchange act (Reporting companies)
The Statute of Frauds
Legal capacity
Executed exchange
42. Laws created by city councils or county boards - aimed at local matters
Injunction
Ordinances
Bargained-for-exchange
Preponderance of evidence
43. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Demand assurance
Affirmative defenses
Securities
Clean Water Act
44. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Demurrer
Substantial performance
Creditor beneficiary
Section 12(a)(2)
45. 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 -
'Ffour corners'
Diversity jurisdiction
Civil Law or Code Law
Assignee
46. They represent losses that result from other transactions that are dependent upon the breached contract
Personal jurisdiction
Consequential damages
Section 12 (a)(1) of the Securities Act
Employment law
47. 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
Rules of interpretation of a contract by a court
National Environmental Policy Act (NEPA)
Section 701 of the Securities Act
Price fixing
48. A condition that must occur before a duty to perform arises
Demurrer
National Institute for Occupational Health
Consideration
Condition precedent
49. Prohibit discrimination based on pregnancy or childbirth
Involuntary proceeding
Promise
Section 11 of the Securities Act
Pregnancy Discrimination ACt
50. 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
Revocability
Export Administration Regulations (EAR)
Section 5 of the Securities Act