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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 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
When an assignment becomes void
Stare decisis
Process of assignment
Commencing a lawsuit
2. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Penalty
Restatement (Second) of Contracts
Collateral
Voluntarily proceeding
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
Contract
Levels of courts
Joint obligation
4. Contracts that are formed for the intended benefit of some third party.
Employment discrimination
'Quid pro quo'
Gift
Third party beneficiary
5. 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.
Monopoly
General Agreement on Tariffs and Trades
Attorney/client privilege
Environmental Protection Agency (EPA)
6. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Consumer protection
Unilateral rescission
Rational basis test
Personal jurisdiction
7. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Performance
Unilateral mistake
Manufacturing defect
8. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Unilateral mistake
Nonexpertized portions
Counteroffer
Unemployment compensation laws
9. 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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10. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Contract
Discharge of contract
Bureau of Customs and Border Protection
Per se
11. 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
Adhesion
National Treatment
Contract with intoxicated persons
10-Q
12. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Corporate social responsibility
Misrepresentation
Supreme Court powers
Content-neutral restrictions
13. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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14. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Prosecution
Bureau of Consumer Protection
Section 4 of the Securities Act
Federal Trade Commission
15. The obligee who officially assigned over his rights
Assignor
Treaties authority
Subjective intent
Bargained-for-exchange
16. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Regulation D of the Securities Act
Defined contribution plan
Rule of reason
Condition precedent
17. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Domicile
Obligor's rights
Mutual rescission
General Agreement on Tariffs and Trades
18. Actual performance of an obligation
Federal Trade Commission (FTC)
Equity of redemption
Regulation S of the Securities Act
Satisfaction
19. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Materiality
Oral argument
Liability based on intentional tort
Unjust enrichment
20. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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21. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Restatement (Second) of Contracts
Revocability
Legal detriment
Creditor beneficiary
22. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Nonexpertized portions
Exclusive dealing agreement
'due process'
Subject matter jurisdiction
23. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
The Family and Medical Leave Act
Sherman Act
Negative causation
Employment law
24. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Per se
Chapter 11 of the Code
Procedural unconscionability
Bona fide occupational qualification
25. 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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26. A trust formed to dominate an industry
Tender offers
Monopoly
Equal protection
Direct damages
27. Administers federal labor laws
Defined contribution plan
Scienter
National Labor Relations Board
Civil Law
28. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Administrative law judges
Non-recoverable damages
'Ffour corners'
Complete or total integration
29. The person who is bringing the suit
Hung jury
Uniform Commercial Code ('UCC')
Defined contribution plan
Plaintiff
30. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Who is liable
Promisee's rights
Manufacturing defect
Rule 506 of Regulation D of the Securities Act
31. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Federal Trade Commission (FTC)
Mutual assent
Administrative law judges
Bureau of Customs and Border Protection
32. Regulates radio - television - and other forms of interstate communications
Environmental Protection Agency (EPA)
Liquidated damages clause
Federal Communications Commission
Fair Labor Standards Act (FLSA)
33. 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
Token consideration
'in pari delicto'
Uniform Commercial Code ('UCC')
Process of appealing a case through the three levels of court
34. 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
The Family and Medical Leave Act
Retraction
Substitutes of consideration
Assignee's rights
35. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Group boycotts
Unjust enrichment
National Environmental Policy Act (NEPA)
36. Offering made to purchase all or a portion of the shares of a specific company
Malpractice
Contract law
Tender offers
Informed consent
37. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Rule 505 of Regulation D of the Securities Act
Obligor
Substantive unconscionability
Pretexting
38. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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39. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Regulation D of the Securities Act
Assignor
Jurisdiction
General jurisdiction
40. Automatic violations of the Sherman Act
Per se
Export Administration Act (EAA)
Obligor
'Infants' or 'minors'
41. It represents notice that a lawsuit has been filed against the defendant
Promise
Statute of limitations
Effect of delegation
Summons
42. The exchange of promises or an exchange of a promise for a performance.
Bargained-for-exchange
'due process'
Breach
Employee-at-will
43. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Foreclosure
Intended beneficiaries of government contract
Superfund
Federal Environmental Pesticide Control Act
44. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Bureau of Customs and Border Protection
Rule 504 of Regulation D of the Securities Act
Federal Trade Commission (FTC)
Americans with Disabilities Act (ADA)
45. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Strict liability
Sherman Act
Export Administration Regulations (EAR)
Section 7A of the Clayton Act
46. Words or actions an individual may have intended - but did not communicate
Subjective intent
Attachment
Pleadings
Monopoly
47. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Duties that cannot be delegated
'Definite and certain'
Federal district court
'clear and present'
48. When the creditor initiates the proceedings.
Rules of construction
Involuntary proceeding
Goods
Export Administration Regulations (EAR)
49. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Injunction
Administrative Procedure Act
'Infants' or 'minors'
Contract law
50. A distinct mark or symbol that identifies a business and its products
'meeting of the minds'
Trademark
10-Q
Rule 144 of the Securities Act