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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. 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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2. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Judgment n.o.v.
Answer
Writ of certiorari
Process of appealing a case through the three levels of court
3. 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
Securities Act Registration
Procedural unconscionability
Section 7A of the Clayton Act
Contract
4. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Group boycotts
Excuse of condition
Shareholder primacy
5. A condition that occurs at the same time as performance
Fair Labor Standards Act (FLSA)
Federal Environmental Pesticide Control Act
Condition concurrent
Burden of proof
6. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Substitutes of consideration
Taking a contract 'out of the Statute of Frauds'
Exclusive distributor agreements
7. Administers federal labor laws
Securities and Exchange Commission
Personal jurisdiction
Condition concurrent
National Labor Relations Board
8. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Express contract
Collective bargaining
Foreign Corrupt Practices Act
Malpractice
9. 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.
Employee-at-will
Accord
Discharge of contract
Bilateral contract
10. Treaties entered into between two nations
Unemployment compensation laws
Rule 504 of Regulation D of the Securities Act
Chapter 7 of the Code
Bilateral treaties
11. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Writ of certiorari
Perfected
Appellant
Burden of proof
12. The person who is bringing the suit
Plaintiff
Partial or trivial breach
'due process'
Suspect classification
13. An annual report required by the Exchange Act
Treaties authority
10-K
Federal district court
Legal ethics
14. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Vertical agreements
The Statute of Frauds
Incidental beneficiary
Substantial performance
15. When the creditor initiates the proceedings.
Mutual mistake
Hung jury
Informed consent
Involuntary proceeding
16. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Beneficiary's rights
Answer
Equal protection
17. 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
Federal Rules of Civil Procedures
Pre-existing duty
Uniform Laws
Enabling acts
18. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Consideration
Duties that cannot be delegated
Partial or trivial breach
19. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
Charitable contributions
Contract law
'Ffour corners'
20. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
The Council on Environmental Quality
Investment contracts
Exclusive dealing agreement
Model Rules of Professional Conduct
21. 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
Parol Evidence Rule
Lien
Unilateral rescission
22. 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.
Section 701 of the Securities Act
Federal Information Act
Assignee
Specific performance
23. 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.
Mortgage
Misrepresentation
Clean Air Act
Changed circumstances that allow a party to be excused from performance under the contract
24. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
The Social Security Administration
Lien
Remediation
25. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Precedent
United States Bankruptcy Code ('Code')
Materiality
8-K
26. The party that won in the previous court trial - but the other party is appealing the decision.
Foreign Sovereign Immunities Act
Appellee or respondent
'in pari delicto'
Duties that cannot be delegated
27. 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
Civil Law or Code Law
Occupational Safety and Health Administration (OSHA)
Total breach
Strict liability
28. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Condition subsequent
Materiality
Deontological
Accord
29. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Chapter 13 of the Code
Accredited investor
Mortgage
Commencing a lawsuit
30. Prohibit discrimination based on pregnancy or childbirth
Section 11 of the Securities Act
Pregnancy Discrimination ACt
Who is liable
Rule 504 of Regulation D of the Securities Act
31. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Excuse of condition
Substantive unconscionability
Revocability
Expertised portion
32. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Equal Employment Opportunity Commission (EEOC)
Contracts that prohibit assignment
Rule 505 of Regulation D of the Securities Act
Obligee
33. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Joint obligation
Novation
Rule 506 of Regulation D of the Securities Act
Rule 144 of the Securities Act
34. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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35. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Post-trial motions
Writ of habeas corpus
Demurrer
Equity of redemption
36. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Fair Credit Reporting Act
Duress
Trial court
Misstatement or omission
37. It is a pre-trial motion to take out certain matters
Expertised portion
Per se
Grand jury
Motion to strike
38. Oversees implementation of this benefit program of the Social Security Act
Offer
Mistake
Social Security Administration
Standing
39. Negative causation - due diligence defense - ...
Environmental Protection Agency (EPA)
Malpractice
Defenses against liability of misrepresentations or omissions
Chapter 13 of the Code
40. 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).
Section 7A of the Clayton Act
Resource Conservation and Recovery Act
Defendant
Affirm or disaffirm
41. Regulates radio - television - and other forms of interstate communications
Tender offers
Federal Communications Commission
Revocation
Trial court
42. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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43. An exemption for transactions involving offerings to employees.
Civil liability
Burden of proof
Supervening illegality
Section 701 of the Securities Act
44. 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
Attachment
Domicile
Lanham Act
Equal protection
45. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Legal detriment
Social entity or stakeholder theory of the corporation
Promisor's rights (in relation to the beneficiary)
Employee-at-will
46. 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
Chapter 7 of the Code
Equity of redemption
Donee beneficiary
Bilateral Investment Treaty program
47. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Promisee's rights
Partial or trivial breach
Attorney/client privilege
Duress
48. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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49. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Concurrent conflict of interests
Unilateral rescission
Executed exchange
'de nuvo'
50. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Bilateral contract
Market division
Assignment of rights
Supervening illegality