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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. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Obligee
Federal Rules of Civil Procedures
Group boycotts
'clear and present'
2. The property that is the subject of a security interest
'Definite and certain'
Collateral
Fair Debt Collection Act
Mutual rescission
3. Laws created by city councils or county boards - aimed at local matters
Monopoly
Ordinances
Unilateral mistake
United States Bankruptcy Code ('Code')
4. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Export Administration Act (EAA)
Section 7A of the Clayton Act
Oral argument
Supervening illegality
5. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Promisee's rights
Clayton Act
Sherman Act
Civil Law
6. A condition that cuts off a pre-existing duty
Condition subsequent
Appellant
Bargained-for-exchange
Fair Labor Standards Act (FLSA)
7. The first court to consider an action
Secured transaction
Market division
Standing
Original jurisdiction
8. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Price fixing
Supervening illegality
Resource Conservation and Recovery Act
Rule 505 of Regulation D of the Securities Act
9. 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.
Assignee's rights
Taking a contract 'out of the Statute of Frauds'
Consequentialism
Rational basis test
10. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Consequential damages
Subjective intent
Product liability
Federal question jurisdiction
11. 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
'Mailbox' rule
Rules of interpretation of a contract by a court
Federal circuit court of appeals and the federal court of appeals
8-K
12. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Short swing profits
Vesting of beneficiary's rights
Bureau of Consumer Protection
Bilateral treaties
13. A quarterly report required by the Exchange Act
Jurisdiction
10-Q
Excuse of condition
Resource Conservation and Recovery Act
14. 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.
Investment contracts
Accord
Petit jury
A motion of summary judgement
15. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Direct damages
Proxy
Duties that cannot be delegated
Termination of an invitation to make an offer
16. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Rational basis test
Goods
Trademark
Trust
17. 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
Malpractice
When an assignment becomes void
Grand jury
Writ of habeas corpus
18. Prohibit discrimination based on pregnancy or childbirth
Suspect classification
Employment law
Pregnancy Discrimination ACt
Objective standard
19. 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
Performance
Companies that are subject to the exchange act (Reporting companies)
Injunction
Group boycotts
20. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Rule 504 of Regulation D of the Securities Act
Direct damages
Foreign Corrupt Practices Act
Social Security Act
21. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Securities and Exchange Commission
Total breach
Strict liability
Rational basis test
22. The agreement to create a security interest
Misrepresentation
Promisee's rights
Treaties authority
Security agreement
23. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Contract with intoxicated persons
Section 11 of the Securities Act
Pension Benefit Guaranty Corporation (PBGC)
Appellant
24. 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
Model Rules of Professional Conduct
Section 7A of the Clayton Act
Standing
Statute of limitations
25. 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
Tender offers
Employment discrimination
Bilateral treaties
Total breach
26. When there is no bargained-for exchange - because there is no exchange.
Foreign Corrupt Practices Act
Obligee
Misrepresentation
Gift
27. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Beneficiary's rights
Securities Act
Clean Air Act
Objective standard
28. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Rule 506 of Regulation D of the Securities Act
Exclusive distributor agreements
Suspect classification
Securities Act
29. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Non-recoverable damages
Unilateral contract
Vesting of beneficiary's rights
Export Administration Act (EAA)
30. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Writ of certiorari
Specific performance
Horizontal agreement
Unilateral rescission
31. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Contract with intoxicated persons
Restitution and rescission
Section 12(a)(2)
Employee-at-will
32. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Appellant
Section 5 of the Securities Act
Concurrent conflict of interests
Federal Information Act
33. Offering made to purchase all or a portion of the shares of a specific company
When an assignment becomes void
Examples of Uniform Laws
Original jurisdiction
Tender offers
34. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Informed consent
Novation
Indictment
Rule 504 of Regulation D of the Securities Act
35. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Criminal Trial
Section 7A of the Clayton Act
Chapter 13 of the Code
Rule 504 of Regulation D of the Securities Act
36. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
'Definite and certain'
Consideration
Excuse of condition
Securities and Exchange Commission
37. Prevents discrimination against employees who are 40years old or more
Revocability
Tender offers
Age Discrimination in Employment Act (ADEA)
National Labor Relations Act
38. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
'de nuvo'
Original jurisdiction
Section 4 of the Securities Act
Scienter
39. Treaties entered into between two nations
Bilateral treaties
Americans with Disabilities Act (ADA)
Express contract
Concurrent conflict of interests
40. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Consequential damages
National Labor Relations Board (NLRB)
National Environmental Policy Act (NEPA)
Bureau of Consumer Protection
41. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Condition precedent
Strict liability
Oral argument
Other constituency statutes
42. One of the primary federal federal statutes
Examples of Uniform Laws
Horizontal agreement
Securities Act
Foreign Sovereign Immunities Act
43. Obtaining consumer's private financial information under false pretenses
Vertical agreements
Pretexting
United States Bankruptcy Code ('Code')
Remand
44. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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45. It represents notice that a lawsuit has been filed against the defendant
Summons
Equal Credit Opportunity Act
Statutory Seller
Liquidated damages clause
46. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Rules of construction
Quasi-contract
Mortgage
Trademark
47. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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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
Chapter 13 of the Code
Injury-in-fact
Pre-existing duty
Adhesion
49. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Deontological
Exchange Act Regulations
Who is liable
Employee Retirement Income Security Act (ERISA)
50. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Exclusive distributor agreements
Unconscionability
Appellant