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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 amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Reporting company
Attorney/client privilege
Equal Employment Opportunity Commission (EEOC)
Restitution and rescission
2. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
National Institute for Occupational Health
Involuntary proceeding
Mental incapacity
Defined contribution plan
3. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Regulation A of the Securities Act
Bureau of Customs and Border Protection
Rules of construction
Performance
4. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
National Labor Relations Act
'Infants' or 'minors'
Revocation
Securities Exchange Act of 1934
5. A promise that is inferred from a person's conduct or the circumstances of the transaction
Securities Act
Implied contract
Revocability
Sham consideration
6. When the jury retires to a separate room to decide the outcome of the case.
Delegation
Lien
Remand
Deliberation
7. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Statutory Seller
Proxy
Involuntary proceeding
Chapter 11 of the Code
8. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Oral argument
Export Administration Act (EAA)
Federal question jurisdiction
Rules of interpretation of a contract by a court
9. Regulates air and water pollution as well as address problems associated with certain toxic substances
Short swing profits
Environmental Protection Agency
Accredited investor
Anticipatory repudiation
10. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Revocation
Penalty
Section 10(b) and Rule 10b-5 of the Exchange Act
11. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Section 701 of the Securities Act
General jurisdiction
Charitable contributions
Occupational Safety and Health Administration (OSHA)
12. 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
Proxy
Pregnancy Discrimination ACt
Offer
Retraction
13. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Defined benefit plans
Fair Labor Standards Act (FLSA)
Section 10(b) and Rule 10b-5 of the Exchange Act
Injunction
14. 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
Priority of secured transactions
Gift
Consequentialism
15. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
National Institute for Occupational Health
Standing
'Past consideration'
Stare decisis
16. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Federal district court
Rule 505 of Regulation D of the Securities Act
Taking a contract 'out of the Statute of Frauds'
'Past consideration'
17. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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18. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Implied terms
Civil liability
Resource Conservation and Recovery Act
Motion
19. Prohibit discrimination based on pregnancy or childbirth
Rule 504 of Regulation D of the Securities Act
Stare decisis
Unemployment compensation laws
Pregnancy Discrimination ACt
20. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Writ of habeas corpus
Chapter 13 of the Code
Sham consideration
Promise
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.'
Group boycotts
The Statute of Frauds
Assignment of rights
Gramm-Leach-Bliley Act
22. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
'Quid pro quo'
Summons
Automatic stay
Regulation D of the Securities Act
23. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
Revocability
Bureau of Customs and Border Protection
Uniform Laws
24. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Procedural unconscionability
Accredited investor
Product liability
Preponderance of evidence
25. Employers make payments to retired employees based on the length of their employment and the wages they received.
Defined benefit plans
Stare decisis
Bargained-for-exchange
Rule 504 of Regulation D of the Securities Act
26. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Regulation S of the Securities Act
Market division
Any statutory seller
Unjust enrichment
27. 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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28. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Donee beneficiary
Tender offers
Strict liability
Direct damages
29. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Obligee
Remediation
Reliance
Misstatement or omission
30. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Defenses against liability of misrepresentations or omissions
Suspect classification
Pre-existing duty
Misstatement or omission
31. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
Chapter 13 of the Code
Any statutory seller
Personal jurisdiction
32. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Legal ethics
Multilateral treaties
Federal circuit court of appeals and the federal court of appeals
Equal protection
33. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Rule 506 of Regulation D of the Securities Act
8-K
Defined benefit plans
When an assignment becomes void
34. 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
Motion to strike
Design defect
Unconscionability
Voluntarily proceeding
35. 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
General jurisdiction
Rule of reason
Process of appealing a case through the three levels of court
Revocation
36. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Short swing profits
8-K
Defined benefit plans
Group boycotts
37. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Environmental Protection Agency (EPA)
Sherman Act
Occupational Safety and Health Act
Creditor
38. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Defenses against liability of misrepresentations or omissions
Federal Insurance Contributions Act
Tie-in agreement
Pre-existing duty
39. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Chapter 13 of the Code
Bureau of Customs and Border Protection
Motion
Americans with Disabilities Act (ADA)
40. An exemption for certain small offerings
Regulation A of the Securities Act
Assignee
Section 12(a)(2)
Section 5 of the Securities Act
41. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
The Statute of Frauds
Materiality
Bilateral contract
Informed consent
42. 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
'Ffour corners'
'in pari delicto'
Companies that are subject to the exchange act (Reporting companies)
Levels of courts
43. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Social Security Administration
Rule 12b (6) motion
Unilateral mistake
Process of appealing a case through the three levels of court
44. 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.
Duty to mitigate
Vertical agreements
Treaties authority
Rule of reason
45. A distinct mark or symbol that identifies a business and its products
Environmental Protection Agency
Excuse of condition
Trademark
'Past consideration'
46. 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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47. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Criminal Law
Consideration
Environmental Protection Agency (EPA)
Defenses against liability of misrepresentations or omissions
48. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Enabling acts
Tender offers
Process of assignment
Exclusive dealing agreement
49. Punitive damage - non-economic damages - and attorneys' fees
Burden of proof
Non-recoverable damages
Export Administration Act (EAA)
Occupational Safety and Health Act
50. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Process of assignment
Defenses against liability of misrepresentations or omissions
Organization for Economic Co-operation and Development (OECD)