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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. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Section 12 (a)(1) of the Securities Act
Corporate social responsibility
Civil Law or Code Law
2. A misrepresentation made with knowledge of its inaccuracy
Substantive unconscionability
Scienter
Chapter 7 of the Code
Social entity or stakeholder theory of the corporation
3. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Employee Retirement Income Security Act (ERISA)
Section 4 of the Securities Act
Judgment n.o.v.
Sham consideration
4. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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5. When both parties agree to rescind the contract
Title VII of the Civil Rights Act of 1964
Mutual rescission
Resource Conservation and Recovery Act
Complete or total integration
6. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Rational basis test
Title VII of the Civil Rights Act of 1964
Manufacturing defect
Content-neutral restrictions
7. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Remand
Contract with intoxicated persons
Automatic stay
Mistake
8. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Diversity jurisdiction
Market division
Accredited investor
Quasi-contract
9. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Promisee's rights
Common Law
Civil liability
Environmental Protection Agency (EPA)
10. The person being sued
Expertised portion
Consequentialism
Defendant
Personal jurisdiction
11. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Manufacturing defect
Parol Evidence Rule
Prospectus
Occupational Safety and Health Act
12. The obligation to establish his claims first
Rule 506 of Regulation D of the Securities Act
Rule 144 of the Securities Act
Burden of proof
Creditor
13. 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
Petit jury
Prospectus
Assignee
Assignor
14. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Americans with Disabilities Act (ADA)
Securities Act Registration
Complete or total integration
Token consideration
15. 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.
'Definite and certain'
Vertical agreements
Termination of an invitation to make an offer
Process of assignment
16. Words or actions an individual may have intended - but did not communicate
Design defect
Subjective intent
Motion to strike
Federal Communications Commission
17. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Civil Law
Remediation
Occupational Safety and Health Act
The Environmental Quality Report
18. 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
Americans with Disabilities Act (ADA)
Section 7A of the Clayton Act
Reliance damages
Foreign Corrupt Practices Act
19. 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
Executed exchange
Consumer protection
Parol Evidence Rule
Proxy
20. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Subjective intent
Assignment of rights
Diversity jurisdiction
Secured transaction
21. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Affirmative defenses
Companies that are subject to the exchange act (Reporting companies)
Pre-existing duty
Attorney/client privilege
22. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Securities and Exchange Commission
Americans with Disabilities Act (ADA)
Expropriation
Collective bargaining
23. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
National Environmental Policy Act (NEPA)
Investment contracts
Diminution in value
Perfected
24. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Oral argument
Materiality
Lien
Sham consideration
25. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Contracts that prohibit assignment
Obligor
Multilateral treaties
Trial court
26. The creditor's right to take possession of the property is called foreclosure
Illusory promise
Rule 144 of the Securities Act
Foreclosure
Lien
27. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Hung jury
Nonexpertized portions
Shareholder primacy
Limited jurisdiction
28. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Defined contribution plan
Grand jury
Rule 504 of Regulation D of the Securities Act
Materiality
29. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trademark
Trust
Injury-in-fact
Obligor
30. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Injury-in-fact
Fair Debt Collection Act
'in pari delicto'
Creditor beneficiary
31. Claims that the defendant has against the plaintiff
Post-trial motions
'Blue sky' laws
Administrative law judges
Counterclaims
32. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Collateral
When an assignment becomes void
Liquidated damages clause
Exclusive dealing agreement
33. The right to hold a security interest on a debtor's property.
Consequentialism
Subjective intent
Lien
Manufacturing defect
34. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Model Rules of Professional Conduct
Prosecution
Rules of interpretation of a contract by a court
Administrative Procedure Act
35. 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
Plaintiff
Clean Air Act
Other constituency statutes
Gratuitous assignment
36. When a party unlawfully indicate that he will not perform when the performance is due.
Social Security Act
Anticipatory repudiation
Obligor
Per se
37. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Unilateral mistake
Federal Rules of Civil Procedures
Stare decisis
Civil Law or Code Law
38. Prevents discrimination against employees who are 40years old or more
Injunction
Mutual mistake
Age Discrimination in Employment Act (ADEA)
Section 12(a)(2)
39. 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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40. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Securities Exchange Act of 1934
Subjective intent
Legal ethics
Petit jury
41. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
The Environmental Quality Report
Remediation
Indictment
Unilateral rescission
42. Actual performance of an obligation
Foreclosure
Petit jury
Satisfaction
Bargained-for-exchange
43. 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
Motion
Supreme Court powers
Secured transaction
Intended beneficiaries of government contract
44. 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.
Changed circumstances that allow a party to be excused from performance under the contract
Process of appealing a case through the three levels of court
Content-neutral restrictions
Accord
45. The person to whom the right is assigned
Foreign Corrupt Practices Act
Assignee
Unconscionability
Social entity or stakeholder theory of the corporation
46. Rules of ethics that govern the practice of law and the conduct of lawyers
A motion of summary judgement
Expectation damages (also known as the 'benefit of the bargain')
Legal ethics
Termination of an invitation to make an offer
47. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Unemployment compensation laws
Securities
Executed exchange
Superfund
48. 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
'Takings'
Title VII of the Civil Rights Act of 1964
Defined contribution plan
Federal Rules of Civil Procedures
49. It is a promise stated in words - either oral or written.
Utilitarianism
The Family and Medical Leave Act
Goods
Express contract
50. When a control makes a profit purchasing and selling her shares within a six-month period
Federal Trade Commission
Clean Air Act
Objective standard
Short swing profits