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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. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Prospectus
Ordinances
Federal Information Act
Defined benefit plans
2. An exemption for transactions involving offerings to employees.
Trademark
'Mailbox' rule
Section 701 of the Securities Act
Accredited investor
3. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Hung jury
Expectation damages (also known as the 'benefit of the bargain')
Content-neutral restrictions
Intended beneficiary
4. The difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Nonexpertized portions
Implied contract
Excuse of condition
5. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Process of appealing a case through the three levels of court
Res ipsa loquitor
National Treatment
Condition subsequent
6. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Subjective intent
National Labor Relations Board (NLRB)
Mutual assent
Product liability
7. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Expropriation
Sham consideration
Condition
Motion of directed verdict or of dismissal
8. The written set of charges against the defendant - which is presented to a grand jury.
Donee beneficiary
Misstatement or omission
Section 11 of the Securities Act
Indictment
9. If the promisor substantially performs under teh contract
Clean Air Act
Partial or trivial breach
Trial court
Satisfaction
10. Words or actions an individual may have intended - but did not communicate
Performance
Horizontal agreement
Subjective intent
Condition concurrent
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
Nonexpertized portions
Civil liability
Clean Water Act
Bilateral Investment Treaty program
12. 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
Pension Benefit Guaranty Corporation (PBGC)
Statutory Seller
Section 10(b) and Rule 10b-5 of the Exchange Act
Offer
13. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Criminal Law
Intended beneficiaries of government contract
Performance
Unconscionability
14. Contracts that are formed for the intended benefit of some third party.
Third party beneficiary
'Mailbox' rule
'in pari delicto'
Accredited investor
15. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Stare decisis
Examples of Uniform Laws
Misstatement or omission
Social entity or stakeholder theory of the corporation
16. Both a rejection and termination of the original offer.
Federal Trade Commission
Counteroffer
National Labor Relations Act
Mortgage
17. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Lanham Act
Section 4 of the Securities Act
A motion of summary judgement
Specific performance
18. 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.
Implied contracts
Defendant
Americans with Disabilities Act (ADA)
Legal ethics
19. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Secured transaction
Companies that are subject to the exchange act (Reporting companies)
Federal Insurance Contributions Act
Quasi-suspect classification
20. 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
Strict liability
Taking a contract 'out of the Statute of Frauds'
Implied contract
21. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Occupational Safety and Health Administration (OSHA)
'in pari delicto'
Contract with intoxicated persons
22. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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23. Manages the nation's social security system
Nonexpertized portions
Gift
The Social Security Administration
Personal jurisdiction
24. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Duress
Subjective intent
The Environmental Quality Report
25. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Unemployment compensation laws
Chapter 11 of the Code
Sham consideration
National Environmental Policy Act (NEPA)
26. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Equal Credit Opportunity Act
Price fixing
Tie-in agreement
Token consideration
27. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Accredited investor
Employee Retirement Income Security Act (ERISA)
Injunction
Title VII of the Civil Rights Act of 1964
28. The agreement to create a security interest
Securities and Exchange Commission
Pretexting
Security agreement
Performance
29. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Implied terms
Proxy
Hung jury
Inadequate warning defect`
30. 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
Revocation
Objective standard
When an assignment becomes void
Attachment
31. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Americans with Disabilities Act (ADA)
Assignment of rights
Chapter 13 of the Code
Regulation D of the Securities Act
32. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Materiality
Securities Exchange Act of 1934
Employment law
Demurrer
33. When the jury retires to a separate room to decide the outcome of the case.
Illusory promise
National Environmental Policy Act (NEPA)
National Labor Relations Board
Deliberation
34. 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 -
Civil Law or Code Law
Subject matter jurisdiction
Remediation
Short swing profits
35. 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.
Equal protection
Undue influence
'Mailbox' rule
Goods
36. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Mutual mistake
Stare decisis
Defined contribution plan
Manufacturing defect
37. 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.
Mental incapacity
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Attachment
Direct damages
38. 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 -
Oral argument
Stare decisis
Foreclosure
Intended beneficiary
39. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Illusory promise
General Agreement on Tariffs and Trades
Specialized federal courts
Deontological
40. This is when the appellate court send the case back to the lower court for a new trial.
Securities Act
Intended beneficiaries of government contract
Remand
Occupational Safety and Health Act
41. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Material breach
Preponderance of evidence
Commencing a lawsuit
Creditor
42. A party's damage award will be reduced by any loss he did or could have avoided.
Fair Credit Reporting Act
Specialized federal courts
Duty to mitigate
Material breach
43. Negative causation - due diligence defense - ...
Diversity jurisdiction
Appellant
Public company
Defenses against liability of misrepresentations or omissions
44. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Priority of secured transactions
Restatement (Second) of Contracts
Substitutes of consideration
Bureau of Consumer Protection
45. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Federal Trade Commission (FTC)
Ordinances
Securities
Strict liability
46. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Americans with Disabilities Act (ADA)
Clayton Act
Equal protection
Chapter 13 of the Code
47. It is a promise stated in words - either oral or written.
Exchange Act Regulations
Federal Trade Commission
Express contract
Penalty
48. 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
Foreign Corrupt Practices Act
Defendant
Statute of limitations
Adhesion
49. The obligor does not need to provide consent - but does need to be given notice.
Expertised portion
Process of assignment
Substantial performance
Section 7A of the Clayton Act
50. Actions designed to permanently reduce the health and safety risk associated with the site.
Restatement (Second) of Contracts
Concurrent conflict of interests
Remediation
Objective standard