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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 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)
Quasi-contract
Goods
Malpractice
Promise
2. Actions designed to permanently reduce the health and safety risk associated with the site.
Defined contribution plan
Control persons
Remand
Remediation
3. 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
Demand assurance
Federal Information Act
Undue influence
Joint obligation
4. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Charitable contributions
Foreign Corrupt Practices Act
Reliance
Content-neutral restrictions
5. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Rule of reason
Environmental Protection Agency (EPA)
Foreign Corrupt Practices Act
Tender offers
6. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Rules of construction
Undue influence
Administrative Procedure Act
Superfund
7. An annual report required by the Exchange Act
10-K
Statutory Seller
Unsecured creditor
Civil Law
8. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Social Security Act
Investment contracts
Malpractice
9. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Deliberation
Personal jurisdiction
Supreme Court powers
Consideration
10. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Regulation S of the Securities Act
Offer
Unjust enrichment
11. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Foreign Sovereign Immunities Act
Substitutes of consideration
Pension Benefit Guaranty Corporation (PBGC)
Misappropriation theory
12. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Equal Employment Opportunity Commission (EEOC)
'clear and present'
Content-neutral restrictions
13. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Misappropriation theory
Unjust enrichment
Federal Environmental Pesticide Control Act
Res ipsa loquitor
14. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Mistake
Changed circumstances that allow a party to be excused from performance under the contract
A motion of summary judgement
Specialized federal courts
15. A trust formed to dominate an industry
Uniform Commercial Code ('UCC')
Equal Credit Opportunity Act
Unilateral mistake
Monopoly
16. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Federal Insurance Contributions Act
Promisor's rights (in relation to the beneficiary)
Specialized federal courts
Levels of courts
17. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Fair Credit Reporting Act
Collective bargaining
Consequential damages
Duty to mitigate
18. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
The Social Security Administration
Foreclosure
Intended beneficiary
19. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Multilateral treaties
Who is liable
Federal Communications Commission
20. 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
Intended beneficiaries of government contract
Stare decisis
Penalty
21. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Exchange Act Regulations
Administrative law judges
Creditor beneficiary
Appellate jurisdiction
22. A contract that is made where two promises are outstanding.
Regulation S of the Securities Act
Bilateral contract
National Institute for Occupational Health
Foreign Corrupt Practices Act
23. He has the enforceable right against the obligor because he is considered the real party interest.
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24. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Collective bargaining
Misstatement or omission
Expropriation
Statute of limitations
25. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
'Definite and certain'
Termination of an invitation to make an offer
'de nuvo'
Employee Retirement Income Security Act (ERISA)
26. 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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27. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Pregnancy Discrimination ACt
Plaintiff
Accredited investor
28. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Quasi-contract
Automatic stay
Judgment n.o.v.
Multilateral treaties
29. Treaties entered into between two nations
Bilateral treaties
Bona fide occupational qualification
Ordinances
Federal Rules of Civil Procedures
30. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Export Administration Act (EAA)
Prospectus
Motion of directed verdict or of dismissal
Ordinances
31. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Intended beneficiaries of government contract
Pregnancy Discrimination ACt
Implied contracts
Equal protection
32. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Statute of limitations
Restitution and rescission
Other constituency statutes
Direct damages
33. 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
Quasi-contract
Demurrer
Summons
Objective standard
34. 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.
Duties that cannot be delegated
Condition concurrent
Bilateral contract
Anticipatory repudiation
35. A trivial defect in performance (the opposite of material breach).
Res ipsa loquitor
Fair Debt Collection Act
Substantial performance
Federal Rules of Civil Procedures
36. When a control makes a profit purchasing and selling her shares within a six-month period
Condition subsequent
Malpractice
Short swing profits
Consideration
37. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Model Rules of Professional Conduct
Bureau of Consumer Protection
Unilateral rescission
Pretexting
38. 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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39. It is a promise stated in words - either oral or written.
Express contract
Bona fide occupational qualification
Creditor beneficiary
Control persons
40. Torts and contracts... represents law that regulates the relationships between parties.
Gift
Civil Law
Total breach
Employee-at-will
41. Regulates radio - television - and other forms of interstate communications
Federal Communications Commission
Supreme Court powers
Lien
Proxy
42. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Strict liability
Occupational Safety and Health Administration (OSHA)
Rule 504 of Regulation D of the Securities Act
Fair Debt Collection Act
43. 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
Expectation damages (also known as the 'benefit of the bargain')
Stare decisis
Option contract
Creditor beneficiary
44. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Resource Conservation and Recovery Act
Implied terms
Horizontal agreement
45. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Hung jury
The Family and Medical Leave Act
Obligor
Performance
46. 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
Market division
Intended beneficiaries of government contract
Preponderance of evidence
Offer
47. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Option contract
Illusory promise
Promise
Penalty
48. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Liquidated damages clause
Regulation D of the Securities Act
Standing
Partial or trivial breach
49. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Section 4 of the Securities Act
Rule of reason
Beneficiary's rights
Section 10(b) and Rule 10b-5 of the Exchange Act
50. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Voluntarily proceeding
Satisfaction
Materiality
Employment law