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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. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Occupational Safety and Health Act
Enabling acts
Revocation
Excuse of condition
2. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Manufacturing defect
Civil liability
Rule 505 of Regulation D of the Securities Act
Accredited investor
3. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Concurrent conflict of interests
Duty to mitigate
Direct damages
Gift
4. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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5. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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6. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Any statutory seller
Section 12(a)(2)
Contract with intoxicated persons
Malpractice
7. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Horizontal agreement
Who is liable
Negative causation
'Quid pro quo'
8. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Federal Trade Commission
Perfected
Clean Air Act
Complete or total integration
9. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Creditor beneficiary
Defined contribution plan
Trust
Direct damages
10. The person to whom the right is assigned
Vesting of beneficiary's rights
Employee Retirement Income Security Act (ERISA)
Assignee
Per se
11. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Lanham Act
Federal district court
Hung jury
Priority of secured transactions
12. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
Chapter 11 of the Code
National Labor Relations Board (NLRB)
Motion to strike
Defined contribution plan
13. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Condition concurrent
Writ of habeas corpus
Federal Information Act
Rule 504 of Regulation D of the Securities Act
14. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
8-K
Tie-in agreement
A motion of summary judgement
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
15. 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).
Chapter 7 of the Code
Affirm or disaffirm
Short swing profits
Defined benefit plans
16. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Multilateral treaties
Pre-existing duty
Taking a contract 'out of the Statute of Frauds'
Offer
17. When the debtor voluntarily initiates the bankruptcy proceedings
Clean Air Act
Voluntarily proceeding
Superfund
Civil Law or Code Law
18. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Concurrent conflict of interests
Scienter
Unilateral mistake
Standing
19. The property that is the subject of a security interest
Collateral
Legal ethics
Liquidated damages clause
Intended beneficiary
20. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Common Law
Section 4 of the Securities Act
Involuntary proceeding
Unconscionability
21. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Liability based on intentional tort
Condition precedent
Design defect
Secured transaction
22. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Rule 504 of Regulation D of the Securities Act
Promise
Occupational Safety and Health Administration (OSHA)
Scienter
23. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Duties that cannot be delegated
Chapter 11 of the Code
Legal ethics
24. 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
Parol Evidence Rule
Uniform Commercial Code ('UCC')
Public company
Negative causation
25. Employers make payments to retired employees based on the length of their employment and the wages they received.
Content-neutral restrictions
Accredited investor
Pension Benefit Guaranty Corporation (PBGC)
Defined benefit plans
26. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Defined benefit plans
Intended beneficiaries of government contract
Securities
Fraud
27. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Motion for a more definitive statement
Gramm-Leach-Bliley Act
Legal detriment
Superfund
28. Regulates trusts and monopolies
Equal protection
Misrepresentation
Federal Trade Commission
Petit jury
29. The party seeking to appeal the previous court's decision
Consumer protection
National Labor Relations Board (NLRB)
Penalty
Appellant
30. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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31. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Lanham Act
Verdict
Public company
32. A condition that must occur before a duty to perform arises
Environmental Protection Agency
Condition precedent
Equal Credit Opportunity Act
Trademark
33. 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
Companies that are subject to the exchange act (Reporting companies)
Workers compensation laws
Criminal Trial
Occupational Safety and Health Administration (OSHA)
34. 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
Specialized federal courts
Mortgage
Scienter
Undue influence
35. 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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36. Claims that the defendant has against the plaintiff
Non-recoverable damages
Counterclaims
Priority of secured transactions
Preponderance of evidence
37. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Liability based on intentional tort
Reliance damages
Offer
Hung jury
38. The person being sued
Restatement (Second) of Contracts
Common Law
Defendant
Toxic Substances Control Act
39. 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'
The Family and Medical Leave Act
Implied terms
Rule 147 of the Securities Act
Employment law
40. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Obligor's rights
Specialized federal courts
Levels of courts
Federal question jurisdiction
41. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Regulation S of the Securities Act
Occupational Safety and Health Administration (OSHA)
Retraction
Illusory promise
42. Discrimination based on race or sex
Complete or total integration
Implied contract
Employment discrimination
Foreclosure
43. 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.'
Pleadings
Assignment of rights
Stare decisis
Prospectus
44. A distinct mark or symbol that identifies a business and its products
Occupational Safety and Health Act
Vertical agreements
Trademark
Incidental beneficiary
45. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Mutual assent
Res ipsa loquitor
Suspect classification
Affirmative defenses
46. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Injunction
Utilitarianism
Attorney/client privilege
Bilateral Investment Treaty program
47. 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).
Procedural unconscionability
Implied terms
Consequentialism
Manufacturing defect
48. Misrepresentation that was made with intent
Regulation D of the Securities Act
'clear and present'
Expertised portion
Fraud
49. It is an action to avoid unjust enrichment.
Tie-in agreement
Anticipatory repudiation
Plaintiff
Restitution
50. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Delegation
Stare decisis
Securities Act Registration
Oral argument