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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 obligor does not need to provide consent - but does need to be given notice.
Verdict
Vesting of beneficiary's rights
Bilateral Investment Treaty program
Process of assignment
2. 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
Ordinances
Who is liable
Defined benefit plans
The Statute of Frauds
3. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Treaties authority
Expropriation
Administrative law judges
Parol Evidence Rule
4. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Federal Trade Commission
Penalty
Revocability
Unilateral rescission
5. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Duties that cannot be delegated
Donee beneficiary
Counterclaims
Export Administration Act (EAA)
6. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Legal ethics
Scienter
Federal district court
Revocability
7. The right to hold a security interest on a debtor's property.
Social Security Administration
Assignment of rights
Lien
'Blue sky' laws
8. 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
Plaintiff
Reporting company
Liability based on intentional tort
Title VII of the Civil Rights Act of 1964
9. Automatic violations of the Sherman Act
Stare decisis
Rational basis test
Federal circuit court of appeals and the federal court of appeals
Per se
10. Directors - certain officers - and owners
Promisor's rights (in relation to the beneficiary)
Control persons
Federal Communications Commission
Substantive unconscionability
11. An exemption for securities sold outside of the U.S.
Injury-in-fact
Regulation S of the Securities Act
Promisor's rights (in relation to the beneficiary)
Promisee's rights
12. When there is no bargained-for exchange - because there is no exchange.
Pleadings
Voluntarily proceeding
Gift
Occupational Safety and Health Administration (OSHA)
13. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Domicile
Promise
Foreign Sovereign Immunities Act
Civil liability
14. A creditor that does not have a security interest in any of the debtor's property or assets.
Penalty
Unsecured creditor
A motion of summary judgement
Administrative law judges
15. It is a promise stated in words - either oral or written.
Express contract
Injury-in-fact
Reliance damages
Summons
16. Prohibits institutions from discrimination related to credit applications
National Labor Relations Act
Equal Credit Opportunity Act
Exempt securities and transactions
Occupational Safety and Health Administration (OSHA)
17. 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
Contract
'clear and present'
Implied contract
Retraction
18. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Section 7A of the Clayton Act
Securities and Exchange Commission
Mental incapacity
Answer
19. Regulates radio - television - and other forms of interstate communications
Writ of habeas corpus
Federal Communications Commission
Multilateral treaties
Content-neutral restrictions
20. 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
Unilateral mistake
Sherman Act
Any statutory seller
Demurrer
21. (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
Trademark
When an assignment becomes void
Concurrent conflict of interests
22. The obligee who officially assigned over his rights
Bilateral contract
Accredited investor
Proxy
Assignor
23. Administers federal labor laws
Rule 506 of Regulation D of the Securities Act
National Labor Relations Board
Fair Labor Standards Act (FLSA)
'Past consideration'
24. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Hung jury
Obligor's rights
Contract
25. It is a pre-trial motion to take out certain matters
Hung jury
Motion to strike
Environmental Protection Agency (EPA)
Contract
26. 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
Undue influence
Exchange Act Regulations
Precedent
Appellee or respondent
27. Contracts that are formed for the intended benefit of some third party.
'Takings'
Securities
Examples of Uniform Laws
Third party beneficiary
28. 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'
Procedural unconscionability
Gift
Implied terms
Indictment
29. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Appellee or respondent
Trademark
Federal Insurance Contributions Act
Prosecution
30. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Administrative Procedure Act
When an assignment becomes void
Verdict
Consequentialism
31. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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32. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Section 5 of the Securities Act
Duty to mitigate
National Labor Relations Board (NLRB)
Consumer protection
33. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Expertised portion
Corporate social responsibility
Exchange Act Regulations
Price fixing
34. 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
Total breach
Stare decisis
Promisee's rights
Contract law
35. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
Goods
Grand jury
Effect of delegation
36. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Employee Retirement Income Security Act (ERISA)
Section 11 of the Securities Act
Res judicata
Group boycotts
37. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Expropriation
Supervening illegality
Changed circumstances that allow a party to be excused from performance under the contract
Civil liability
38. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Shareholder primacy
Regulation D of the Securities Act
Regulation S of the Securities Act
Deliberation
39. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Commencing a lawsuit
National Labor Relations Board (NLRB)
Automatic stay
Petit jury
40. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Other constituency statutes
Prospectus
Reporting company
Employment discrimination
41. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Bilateral contract
'Quid pro quo'
Security interest
'Past consideration'
42. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Criminal Trial
Federal Trade Commission (FTC)
Plaintiff
Accord
43. The written set of charges against the defendant - which is presented to a grand jury.
'Blue sky' laws
Executed exchange
Corporate social responsibility
Indictment
44. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Rational basis test
Unemployment compensation laws
Federal Information Act
Undue influence
45. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Process of assignment
Section 10(b) and Rule 10b-5 of the Exchange Act
Discovery
Obligor
46. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Americans with Disabilities Act (ADA)
Trial court
Environmental Protection Agency (EPA)
Pleadings
47. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Social Security Administration
Bona fide occupational qualification
Examples of Uniform Laws
Demand assurance
48. 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'
Obligee
Condition concurrent
Vertical agreements
Creditor beneficiary
49. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Expectation damages (also known as the 'benefit of the bargain')
Criminal Trial
Unconscionability
Obligor
50. Not discriminating against foreign product - thereby treating all products within their border equally
Employee-at-will
National Treatment
Creditor
Diminution in value