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Test your basic knowledge |
CLEP Introductory Business Law
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Subjects
:
clep
,
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Section 10(b) and Rule 10b-5 of the Exchange Act
Gratuitous assignment
Judgment n.o.v.
Reporting company
2. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Civil Law or Code Law
Bureau of Customs and Border Protection
Criminal Trial
National Environmental Policy Act (NEPA)
3. This is when the appellate court send the case back to the lower court for a new trial.
Horizontal agreement
Remand
Regulation S of the Securities Act
Consequential damages
4. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Federal Environmental Pesticide Control Act
Social entity or stakeholder theory of the corporation
Criminal Law
Sherman Act
5. An exemption for securities sold outside of the U.S.
Supreme Court powers
Implied terms
Regulation S of the Securities Act
Chapter 11 of the Code
6. It is an action to avoid unjust enrichment.
Restitution
Anticipatory repudiation
Monopoly
National Labor Relations Act
7. When there is no bargained-for exchange - because there is no exchange.
Gift
'due process'
Executed exchange
Monopoly
8. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
When an assignment becomes void
Judicial review
Implied terms
Rule 505 of Regulation D of the Securities Act
9. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Post-trial motions
Limited jurisdiction
Non-recoverable damages
Consumer protection
10. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Specialized federal courts
Model Rules of Professional Conduct
Federal question jurisdiction
Section 4 of the Securities Act
11. 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
Remand
Title VII of the Civil Rights Act of 1964
Perfected
Remediation
12. 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
Misrepresentation
Motion
Subject matter jurisdiction
Objective standard
13. Administers federal labor laws
National Labor Relations Board
'Mailbox' rule
Uniform Laws
United States Bankruptcy Code ('Code')
14. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Market division
Duress
Toxic Substances Control Act
Regulation A of the Securities Act
15. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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16. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Undue influence
Commercial speech
Precedent
Donee beneficiary
17. A condition that cuts off a pre-existing duty
Condition subsequent
Chapter 7 of the Code
Bilateral contract
Duty to mitigate
18. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Federal Rules of Civil Procedures
Equal Credit Opportunity Act
Liquidated damages clause
Changed circumstances that allow a party to be excused from performance under the contract
19. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Injury-in-fact
Short swing profits
Legal ethics
Obligor
20. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Social Security Administration
Performance
Public company
Charitable contributions
21. The person to extends credit or a loan - and hence the person to whom a debt is owed
Promisee's rights
Creditor
Age Discrimination in Employment Act (ADEA)
Defenses against liability of misrepresentations or omissions
22. 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
Reliance damages
Mental incapacity
The Statute of Frauds
Equal Employment Opportunity Commission (EEOC)
23. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Discharge of contract
Uniform Commercial Code ('UCC')
Bargained-for-exchange
Chapter 13 of the Code
24. An annual report required by the Exchange Act
10-K
National Labor Relations Board
'Definite and certain'
Defendant
25. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Securities Act Registration
Quasi-contract
Condition precedent
Nonexpertized portions
26. 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.
Demand assurance
National Treatment
Petit jury
Judicial review
27. One of the primary federal federal statutes
National Labor Relations Act
Equal Credit Opportunity Act
Changed circumstances that allow a party to be excused from performance under the contract
Securities Act
28. 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
Regulation D of the Securities Act
Section 5 of the Securities Act
Clean Air Act
Pleadings
29. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Securities Act
Res ipsa loquitor
Preponderance of evidence
30. A creditor that does not have a security interest in any of the debtor's property or assets.
Stare decisis
Market division
Unsecured creditor
Legal ethics
31. A supervening stature makes a contract illegal - and thereby makes performance impossible
Environmental Protection Agency (EPA)
Supervening illegality
Taking a contract 'out of the Statute of Frauds'
Employee Retirement Income Security Act (ERISA)
32. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Employment discrimination
Defined contribution plan
Equal Employment Opportunity Commission (EEOC)
Securities and Exchange Commission
33. Where social security benefits are funded by taxes levied on both employers and employees. Employers pay half of the benefits and the employers pay the other half.
Intended beneficiary
Civil Law or Code Law
Federal Insurance Contributions Act
Token consideration
34. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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35. 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
Termination of an invitation to make an offer
Security interest
Chapter 13 of the Code
Process of appealing a case through the three levels of court
36. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Remediation
Short swing profits
Contract with intoxicated persons
Workers compensation laws
37. When the jury retires to a separate room to decide the outcome of the case.
Accredited investor
Informed consent
Deliberation
Contract with intoxicated persons
38. Rules of ethics that govern the practice of law and the conduct of lawyers
Statute of limitations
Supervening illegality
Control persons
Legal ethics
39. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Criminal Law
Motion for a more definitive statement
Federal circuit court of appeals and the federal court of appeals
Objective standard
40. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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41. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Substantive unconscionability
Quasi-suspect classification
Foreclosure
Consumer protection
42. Oversees the purchase and sale of securities
The Social Security Administration
Clayton Act
Termination of an invitation to make an offer
Securities and Exchange Commission
43. 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
Parol Evidence Rule
Counteroffer
Materiality
Tie-in agreement
44. 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
Consequentialism
Equal protection
Stare decisis
Bona fide occupational qualification
45. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
National Treatment
Common Law
Hung jury
Shareholder primacy
46. Treaties between two nations addressing investment concerns
Chapter 13 of the Code
Bilateral investment treaties
General Agreement on Tariffs and Trades
Adhesion
47. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Subjective intent
Securities and Exchange Commission
Trust
Strict liability
48. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
Who is liable
Occupational Safety and Health Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
49. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Fair Credit Reporting Act
Rule of reason
Prosecution
Liquidated damages clause
50. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Mutual assent
Consideration
Informed consent
Jurisdiction
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