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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 right to hold a security interest on a debtor's property.
Perfected
Attachment
Equity of redemption
Lien
2. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
National Labor Relations Act
Securities and Exchange Commission
Product liability
3. Actions designed to permanently reduce the health and safety risk associated with the site.
Remediation
Stare decisis
Clayton Act
Intended beneficiaries of government contract
4. Claims that the defendant has against the plaintiff
Jurisdiction
Contract with intoxicated persons
Counterclaims
Rule 505 of Regulation D of the Securities Act
5. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Objective standard
Securities and Exchange Commission
Economic waste
Revocation
6. A distinct mark or symbol that identifies a business and its products
Exempt securities and transactions
Revocability
Trademark
Employee Retirement Income Security Act (ERISA)
7. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Condition concurrent
Remand
10-K
Penalty
8. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Demand assurance
Appellee or respondent
Verdict
Rational basis test
9. Punitive damage - non-economic damages - and attorneys' fees
Rules of interpretation of a contract by a court
Securities
Bilateral treaties
Non-recoverable damages
10. 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
Pre-existing duty
Federal Insurance Contributions Act
Gift
Monopoly
11. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Assignor
Unsecured creditor
Bona fide occupational qualification
'Definite and certain'
12. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Delegation
Effect of delegation
Duties that cannot be delegated
Token consideration
13. It is an action to avoid unjust enrichment.
Fair Labor Standards Act (FLSA)
Non-recoverable damages
Commencing a lawsuit
Restitution
14. 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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15. Regulates radio - television - and other forms of interstate communications
Motion
Federal Communications Commission
Attorney/client privilege
Donee beneficiary
16. Oversees the purchase and sale of securities
Securities and Exchange Commission
Injury-in-fact
Federal question jurisdiction
Group boycotts
17. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
'meeting of the minds'
Employment law
Other constituency statutes
18. Misrepresentation that was made with intent
Employee-at-will
Corporate social responsibility
The Council on Environmental Quality
Fraud
19. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Rule 505 of Regulation D of the Securities Act
Any statutory seller
Deontological
20. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Corporate social responsibility
Investment contracts
Duress
Unilateral mistake
21. Offering made to purchase all or a portion of the shares of a specific company
Answer
Tender offers
Condition subsequent
Bilateral investment treaties
22. The person to extends credit or a loan - and hence the person to whom a debt is owed
Environmental Protection Agency
Process of assignment
Creditor
Informed consent
23. 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'
Section 11 of the Securities Act
Specialized federal courts
Creditor beneficiary
Securities Exchange Act of 1934
24. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Writ of certiorari
Rule 504 of Regulation D of the Securities Act
Process of appealing a case through the three levels of court
Revocability
25. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Section 4 of the Securities Act
Substitutes of consideration
Adhesion
Price fixing
26. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Obligor's rights
Federal Trade Commission (FTC)
Vesting of beneficiary's rights
Group boycotts
27. Rules of ethics that govern the practice of law and the conduct of lawyers
Model Rules of Professional Conduct
Legal ethics
National Institute for Occupational Health
Prospectus
28. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Monopoly
Social Security Act
Fair Labor Standards Act (FLSA)
Trademark
29. A condition that occurs at the same time as performance
'Takings'
Condition concurrent
Treaties authority
Diversity jurisdiction
30. One of the primary federal federal statutes
Securities Act
'clear and present'
Export Administration Regulations (EAR)
Revocation
31. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Workers compensation laws
Precedent
Automatic stay
Bureau of Consumer Protection
32. 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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33. 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
Uniform Laws
Fair Debt Collection Act
Non-recoverable damages
Environmental Protection Agency (EPA)
34. The obligee who officially assigned over his rights
Assignor
Secured transaction
Uniform Commercial Code ('UCC')
Retraction
35. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Clean Water Act
Anticipatory repudiation
Section 12 (a)(1) of the Securities Act
Equal Pay Act (EPA)
36. A situation where one person unfairly benefits from a transaction
Counteroffer
Unjust enrichment
Procedural unconscionability
Bona fide occupational qualification
37. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Automatic stay
Writ of habeas corpus
Bilateral Investment Treaty program
Changed circumstances that allow a party to be excused from performance under the contract
38. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Criminal Law
Implied contract
Section 12 (a)(1) of the Securities Act
A motion of summary judgement
39. A pre-trial motion when the pleadings are vague or ambiguous.
Revocation
Bilateral treaties
Trust
Motion for a more definitive statement
40. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Indictment
Assignee's rights
Federal Information Act
Shareholder primacy
41. It represents a request for the court to take some action. A motion can be filed by a defendant.
Injunction
Motion
Bargained-for-exchange
Regulation D of the Securities Act
42. Actual performance of an obligation
Satisfaction
Token consideration
Obligee
Writ of habeas corpus
43. 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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44. When the creditor initiates the proceedings.
Satisfaction
Consequential damages
Involuntary proceeding
Resource Conservation and Recovery Act
45. The agreement to create a security interest
Sham consideration
Precedent
Excuse of condition
Security agreement
46. It is a promise stated in words - either oral or written.
Federal district court
Superfund
Toxic Substances Control Act
Express contract
47. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Trade Commission (FTC)
Resource Conservation and Recovery Act
Federal Environmental Pesticide Control Act
Bargained-for-exchange
48. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Subject matter jurisdiction
Levels of courts
Section 11 of the Securities Act
Beneficiary's rights
49. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Gramm-Leach-Bliley Act
Superfund
Securities Act
The Family and Medical Leave Act
50. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Tender offers
Preponderance of evidence
Section 12 (a)(1) of the Securities Act
'meeting of the minds'