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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 exchange of promises or an exchange of a promise for a performance.
10-Q
Contract
Bargained-for-exchange
Condition
2. Oversees implementation of this benefit program of the Social Security Act
National Labor Relations Board
Social Security Administration
Substantive unconscionability
Unilateral rescission
3. It regulates chemical substances
Toxic Substances Control Act
'Ffour corners'
Fraud
Economic waste
4. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Securities Act
Appellate jurisdiction
Res ipsa loquitor
Rules of interpretation of a contract by a court
5. Discrimination based on race or sex
Appellate jurisdiction
'Quid pro quo'
Employment discrimination
Defined contribution plan
6. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
National Ambient Air Quality Standards
Concurrent conflict of interests
Employment discrimination
Title VII of the Civil Rights Act of 1964
7. 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
Social Security Administration
Content-neutral restrictions
Pre-existing duty
Unconscionability
8. The written set of charges against the defendant - which is presented to a grand jury.
Post-trial motions
Condition concurrent
Indictment
Illusory promise
9. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
10-Q
Reliance damages
Standing
Model Rules of Professional Conduct
10. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Administrative law judges
Substitutes of consideration
Supervening illegality
Securities Exchange Act of 1934
11. The right of both parties to gain information concerning the other party and her witnesses.
Civil Law or Code Law
Discovery
Public company
The Social Security Administration
12. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Appellate jurisdiction
Section 4 of the Securities Act
Motion to strike
Social Security Act
13. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Judicial review
Contract
Mutual assent
Statutory Seller
14. 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
National Labor Relations Act
Chapter 11 of the Code
Clean Water Act
Civil Law
15. The party seeking to appeal the previous court's decision
'Mailbox' rule
Appellant
Public company
Secured transaction
16. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
Appellee or respondent
'Ffour corners'
National Labor Relations Board (NLRB)
17. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Administrative Procedure Act
Supervening illegality
Revocation
Joint obligation
18. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Breach
Exclusive distributor agreements
Rule 505 of Regulation D of the Securities Act
Obligor
19. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Adhesion
Delegation
Post-trial motions
Chapter 7 of the Code
20. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Substantive unconscionability
The Environmental Quality Report
When an assignment becomes void
21. 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.'
National Institute for Occupational Health
Multilateral treaties
Unjust enrichment
Assignment of rights
22. Rules of ethics that govern the practice of law and the conduct of lawyers
National Institute for Occupational Health
Legal ethics
Expertised portion
Civil Law or Code Law
23. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Rule 144 of the Securities Act
Express contract
Federal Trade Commission (FTC)
Misstatement or omission
24. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Federal Trade Commission
Fair Debt Collection Act
Vesting of beneficiary's rights
Rule of reason
25. A distinct mark or symbol that identifies a business and its products
Specific performance
Workers compensation laws
Trademark
'Infants' or 'minors'
26. The difference between the value of the property as substantially complete and the value of the property upon full performance
Regulation A of the Securities Act
Intended beneficiaries of government contract
Investment contracts
Diminution in value
27. 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
Toxic Substances Control Act
The Statute of Frauds
Bureau of Consumer Protection
Writ of habeas corpus
28. 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
Duties that cannot be delegated
Motion
Reliance damages
Retraction
29. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Employee Retirement Income Security Act (ERISA)
Bona fide occupational qualification
Corporate social responsibility
Foreign Corrupt Practices Act
30. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Section 12 (a)(1) of the Securities Act
Clean Air Act
Supreme Court powers
United States Bankruptcy Code ('Code')
31. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Misrepresentation
Commercial speech
Termination of an invitation to make an offer
Civil liability
32. A trust formed to dominate an industry
Monopoly
Manufacturing defect
Proxy
Motion for a more definitive statement
33. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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34. Legally recognized injury
Injury-in-fact
Content-neutral restrictions
Procedural unconscionability
Duress
35. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Exclusive dealing agreement
Securities and Exchange Commission
Lien
36. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Nonexpertized portions
Regulation D of the Securities Act
Misstatement or omission
Tie-in agreement
37. 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.
Original jurisdiction
Total breach
Limited jurisdiction
Excuse of condition
38. 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)
Deontological
Administrative Procedure Act
Diminution in value
Pleadings
39. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
The Statute of Frauds
Excuse of condition
Joint obligation
Effect of delegation
40. A condition that must occur before a duty to perform arises
Public company
Clean Water Act
Goods
Condition precedent
41. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Commercial speech
Proxy
Social Security Act
Pregnancy Discrimination ACt
42. When a party unlawfully indicate that he will not perform when the performance is due.
Res ipsa loquitor
Rule 147 of the Securities Act
Anticipatory repudiation
Restitution and rescission
43. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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44. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Horizontal agreement
Performance
Process of assignment
Equal protection
45. 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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46. 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
National Labor Relations Act
Retraction
Employee-at-will
47. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Demand assurance
Social Security Act
Multilateral treaties
'Mirror image' rule
48. 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
'clear and present'
Price fixing
Objective standard
Chapter 7 of the Code
49. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
'Infants' or 'minors'
Post-trial motions
Contract law
Judgment n.o.v.
50. The obligation to establish his claims first
National Ambient Air Quality Standards
Defendant
Burden of proof
Consideration