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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. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Other constituency statutes
Appellee or respondent
Novation
Charitable contributions
2. Previous decisions made by decisions - by which the current judges must abide by.
Section 701 of the Securities Act
Precedent
Bilateral Investment Treaty program
Secured transaction
3. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Vesting of beneficiary's rights
Social Security Act
Chapter 13 of the Code
Rule 504 of Regulation D of the Securities Act
4. 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.
Bilateral investment treaties
Implied contracts
Section 12(a)(2)
Section 12 (a)(1) of the Securities Act
5. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Shareholder primacy
Investment contracts
Legal capacity
Direct damages
6. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Specialized federal courts
National Institute for Occupational Health
Liquidated damages clause
National Labor Relations Board
7. When both parties agree to rescind the contract
Mutual rescission
Section 4 of the Securities Act
Petit jury
Commencing a lawsuit
8. The difference between the value of the property as substantially complete and the value of the property upon full performance
Investment contracts
Statutory Seller
Diminution in value
Employment discrimination
9. The person to extends credit or a loan - and hence the person to whom a debt is owed
Inadequate warning defect`
Ordinances
Objective standard
Creditor
10. Discrimination based on race or sex
Consequentialism
Employment discrimination
Discharge of contract
Supreme Court powers
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
Perfected
Workers compensation laws
Rule 506 of Regulation D of the Securities Act
Equal Pay Act (EPA)
12. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Pre-existing duty
The Statute of Frauds
Delegation
Trust
13. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Legal ethics
Federal Environmental Pesticide Control Act
Misrepresentation
Jurisdiction
14. A person who is not an intended beneficiary
Trial court
Incidental beneficiary
Consumer protection
Restatement (Second) of Contracts
15. 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.'
Assignment of rights
Unconscionability
Treaties authority
Pension Benefit Guaranty Corporation (PBGC)
16. An exemption for securities sold outside of the U.S.
Regulation S of the Securities Act
Liability based on intentional tort
Legal detriment
Supreme Court powers
17. 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.
Social Security Act
Federal Insurance Contributions Act
Chapter 7 of the Code
Private placement
18. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Contracts that prohibit assignment
Deliberation
Title VII of the Civil Rights Act of 1964
Section 5 of the Securities Act
19. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Expropriation
Investment contracts
Enabling acts
20. It represents notice that a lawsuit has been filed against the defendant
Deliberation
Section 4 of the Securities Act
Condition
Summons
21. 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
Federal Communications Commission
National Ambient Air Quality Standards
Price fixing
Liquidated damages clause
22. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Superfund
Effect of delegation
Mistake
Limited jurisdiction
23. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Social Security Administration
Parol Evidence Rule
Judgment n.o.v.
24. 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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25. They represent the amount of money a party has spent in justifiable reliance on a contract.
Rule 504 of Regulation D of the Securities Act
Reliance damages
Preponderance of evidence
Rule 144 of the Securities Act
26. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Common Law
Novation
Federal question jurisdiction
Control persons
27. A promise that is inferred from a person's conduct or the circumstances of the transaction
Pleadings
Implied contract
Statutory Seller
Federal Trade Commission
28. The person being sued
Superfund
Legal detriment
Defendant
Uniform Commercial Code ('UCC')
29. Place of permanent residence
Offer
Domicile
Performance
Federal circuit court of appeals and the federal court of appeals
30. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Securities Act Registration
Vesting of beneficiary's rights
Restatement (Second) of Contracts
Revocability
31. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Collective bargaining
Section 11 of the Securities Act
Design defect
Strict liability
32. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Contract
Trial court
Subjective intent
Gift
33. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Perfected
Section 701 of the Securities Act
Verdict
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
34. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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35. 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
'due process'
Rule 12b (6) motion
Companies that are subject to the exchange act (Reporting companies)
Mutual rescission
36. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Suspect classification
Market division
Criminal Trial
Mental incapacity
37. Manages the nation's social security system
The Social Security Administration
Manufacturing defect
Accredited investor
Taking a contract 'out of the Statute of Frauds'
38. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Diminution in value
10-K
Satisfaction
Res ipsa loquitor
39. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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40. 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
Substitutes of consideration
Specialized federal courts
Priority of secured transactions
Clean Air Act
41. 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
Consequential damages
Charitable contributions
Commencing a lawsuit
Design defect
42. If the promisor substantially performs under teh contract
Workers compensation laws
Partial or trivial breach
Social Security Act
Restatement (Second) of Contracts
43. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Substantive unconscionability
Sherman Act
Quasi-contract
Res ipsa loquitor
44. Prevents discrimination against employees who are 40years old or more
Age Discrimination in Employment Act (ADEA)
Creditor beneficiary
The Social Security Administration
Multilateral treaties
45. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Rule 144 of the Securities Act
Exclusive distributor agreements
Defined contribution plan
Motion to strike
46. Ethical behavior in terms of its consequences ('the end justifies the means')
Process of appealing a case through the three levels of court
Bilateral Investment Treaty program
Uniform Commercial Code ('UCC')
Consequentialism
47. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Section 10(b) and Rule 10b-5 of the Exchange Act
Obligor's rights
Common Law
Mutual rescission
48. Claims that the defendant has against the plaintiff
Utilitarianism
Counterclaims
Total breach
Liquidated damages clause
49. 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
National Labor Relations Board (NLRB)
Writ of certiorari
Counterclaims
Section 12 (a)(1) of the Securities Act
50. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Equal protection
Rational basis test
Unemployment compensation laws
Securities Exchange Act of 1934