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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. Inadequate warning of danger - which can be construed as a design defect
Retraction
Assignment of rights
Environmental Protection Agency
Inadequate warning defect`
2. Administers federal labor laws
National Labor Relations Board
Who is liable
Third party beneficiary
Regulation A of the Securities Act
3. An exemption for offerings that occur primarily within one state.
Express contract
Rule 147 of the Securities Act
Security interest
Bureau of Consumer Protection
4. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Expropriation
Defined contribution plan
Title VII of the Civil Rights Act of 1964
Uniform Laws
5. 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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6. 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'
Creditor beneficiary
Scienter
Indictment
Unilateral mistake
7. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
'Takings'
Title VII of the Civil Rights Act of 1964
Demurrer
Levels of courts
8. It represents notice that a lawsuit has been filed against the defendant
Tie-in agreement
'Infants' or 'minors'
Non-recoverable damages
Summons
9. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Assignee's rights
'Ffour corners'
Res ipsa loquitor
Export Administration Regulations (EAR)
10. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Statutory Seller
National Environmental Policy Act (NEPA)
Total breach
Content-neutral restrictions
11. 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
Defined contribution plan
Summons
Sham consideration
Chapter 11 of the Code
12. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Promisee's rights
Manufacturing defect
Public company
Plaintiff
13. 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
Motion
Perfected
Demurrer
Administrative law judges
14. 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
Process of appealing a case through the three levels of court
Mutual mistake
Unilateral mistake
'clear and present'
15. The first court to consider an action
Original jurisdiction
Equal Credit Opportunity Act
Hung jury
Per se
16. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Res judicata
Incidental beneficiary
Content-neutral restrictions
Changed circumstances that allow a party to be excused from performance under the contract
17. When there is no bargained-for exchange - because there is no exchange.
Common Law
Commercial speech
Public company
Gift
18. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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19. 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
Prosecution
Informed consent
When an assignment becomes void
Exclusive distributor agreements
20. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Public company
Fair Debt Collection Act
Equal protection
Section 4 of the Securities Act
21. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Federal Trade Commission
Economic waste
Bilateral investment treaties
Bureau of Consumer Protection
22. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Rules of interpretation of a contract by a court
Diversity jurisdiction
Federal Communications Commission
Gratuitous assignment
23. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Expertised portion
Revocation
Condition precedent
Quasi-contract
24. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Discovery
Defendant
Tender offers
Strict liability
25. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Regulation D of the Securities Act
Social Security Act
Complete or total integration
Section 11 of the Securities Act
26. 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
Supervening illegality
Executed exchange
'de nuvo'
Prospectus
27. It is a pre-trial motion to take out certain matters
Regulation S of the Securities Act
Demurrer
Motion to strike
Federal Rules of Civil Procedures
28. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Gramm-Leach-Bliley Act
'Mailbox' rule
Process of assignment
29. 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.
Accredited investor
Creditor
Malpractice
Environmental Protection Agency
30. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Process of appealing a case through the three levels of court
'clear and present'
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Standing
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.
Rule 144 of the Securities Act
Implied contracts
Token consideration
National Labor Relations Board
32. 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
Revocation
Securities Act Registration
Assignor
Administrative Procedure Act
33. The creditor's right to take possession of the property is called foreclosure
Intended beneficiaries of government contract
Environmental Protection Agency
Foreclosure
Rules of interpretation of a contract by a court
34. 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
Chapter 7 of the Code
Illusory promise
Diminution in value
Civil Law or Code Law
35. 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.
The Environmental Quality Report
Procedural unconscionability
Federal circuit court of appeals and the federal court of appeals
Revocation
36. 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
The Environmental Quality Report
Examples of Uniform Laws
Pre-existing duty
Judgment n.o.v.
37. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Tender offers
Legal detriment
National Environmental Policy Act (NEPA)
Appellee or respondent
38. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Diversity jurisdiction
Section 10(b) and Rule 10b-5 of the Exchange Act
Product liability
Exclusive distributor agreements
39. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Duty to mitigate
Duties that cannot be delegated
Objective standard
40. Torts and contracts... represents law that regulates the relationships between parties.
Voluntarily proceeding
Civil Law
Toxic Substances Control Act
Other constituency statutes
41. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Vertical agreements
Restatement (Second) of Contracts
Section 12(a)(2)
Rules of interpretation of a contract by a court
42. A creditor that does not have a security interest in any of the debtor's property or assets.
Res ipsa loquitor
Design defect
Unsecured creditor
Any statutory seller
43. 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
Administrative Procedure Act
Hung jury
Limited jurisdiction
'Mirror image' rule
44. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Defendant
Complete or total integration
Reliance
Rule 505 of Regulation D of the Securities Act
45. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
'meeting of the minds'
Unilateral mistake
Restatement (Second) of Contracts
Discharge of contract
46. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Delegation
Federal question jurisdiction
Employment discrimination
Pension Benefit Guaranty Corporation (PBGC)
47. Manages the nation's social security system
Discharge of contract
Mutual mistake
The Social Security Administration
Bilateral investment treaties
48. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Occupational Safety and Health Administration (OSHA)
Answer
Writ of certiorari
Equal Employment Opportunity Commission (EEOC)
49. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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50. Employers make payments to retired employees based on the length of their employment and the wages they received.
'Infants' or 'minors'
Uniform Laws
Defined benefit plans
Burden of proof