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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. 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).
Section 4 of the Securities Act
Manufacturing defect
Reliance
National Labor Relations Board (NLRB)
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 -
Res judicata
Equal Pay Act (EPA)
Civil Law or Code Law
Motion for a more definitive statement
3. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Novation
Specific performance
Malpractice
Examples of Uniform Laws
4. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Content-neutral restrictions
Defenses against liability of misrepresentations or omissions
Objective standard
Sherman Act
5. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Creditor beneficiary
Diversity jurisdiction
Non-recoverable damages
Title VII of the Civil Rights Act of 1964
6. 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
Retraction
Specific performance
Nonexpertized portions
Revocation
7. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Adhesion
Original jurisdiction
Counterclaims
'in pari delicto'
8. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Unjust enrichment
The Family and Medical Leave Act
Rational basis test
Unilateral rescission
9. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Private placement
Res ipsa loquitor
Affirmative defenses
Accredited investor
10. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Proxy
Res judicata
Investment contracts
Subjective intent
11. 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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12. A distinct mark or symbol that identifies a business and its products
Joint obligation
National Ambient Air Quality Standards
Trademark
Parol Evidence Rule
13. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Bona fide occupational qualification
Condition precedent
Subject matter jurisdiction
10-K
14. Regulates the handling of the pesticides being exported from and imported into the U.S.
Obligor
Federal Environmental Pesticide Control Act
Breach
Concurrent conflict of interests
15. Seeks to promote market economics and democratic governments
Bilateral investment treaties
Personal jurisdiction
'de nuvo'
Organization for Economic Co-operation and Development (OECD)
16. 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.
Pretexting
Rational basis test
Defined contribution plan
Federal circuit court of appeals and the federal court of appeals
17. He has the enforceable right against the obligor because he is considered the real party interest.
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18. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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19. 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
Direct damages
Res ipsa loquitor
Title VII of the Civil Rights Act of 1964
National Treatment
20. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Federal Trade Commission (FTC)
Petit jury
8-K
Production quotas
21. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Unsecured creditor
Malpractice
Civil Law or Code Law
Attachment
22. 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
Social Security Act
Writ of certiorari
Sherman Act
Promise
23. A trust formed to dominate an industry
Defenses against liability of misrepresentations or omissions
Changed circumstances that allow a party to be excused from performance under the contract
Monopoly
Section 11 of the Securities Act
24. Place of permanent residence
Domicile
Unjust enrichment
Rule 506 of Regulation D of the Securities Act
'meeting of the minds'
25. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Any statutory seller
Unjust enrichment
Offer
Security interest
26. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Grand jury
Mutual assent
Attachment
Reporting company
27. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Assignment of rights
Duress
Bilateral treaties
National Labor Relations Board (NLRB)
28. A supervening stature makes a contract illegal - and thereby makes performance impossible
Pretexting
Bargained-for-exchange
Incidental beneficiary
Supervening illegality
29. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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30. 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)
Uniform Laws
Rule 147 of the Securities Act
Pretexting
Americans with Disabilities Act (ADA)
31. An exemption for offerings that occur primarily within one state.
Mutual rescission
Rule 147 of the Securities Act
Social Security Act
Indictment
32. A contract that is made where two promises are outstanding.
Bilateral contract
Title VII of the Civil Rights Act of 1964
Diminution in value
Consumer protection
33. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Substitutes of consideration
10-Q
Export Administration Regulations (EAR)
'Ffour corners'
34. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Group boycotts
Writ of habeas corpus
National Labor Relations Board (NLRB)
Exchange Act Regulations
35. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Expropriation
Mutual assent
Injunction
Rule 12b (6) motion
36. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Any statutory seller
Third party beneficiary
Strict liability
Manufacturing defect
37. 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 -
The Family and Medical Leave Act
Discharge of contract
Intended beneficiary
Uniform Laws
38. The person who assigns her rights
'Blue sky' laws
Prosecution
Obligee
Affirmative defenses
39. Laws that states have passed that aim at regulating securities transactions within their states.
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40. 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
Secured transaction
When an assignment becomes void
Parol Evidence Rule
Beneficiary's rights
41. The obligee who officially assigned over his rights
Assignor
Liquidated damages clause
The Council on Environmental Quality
Judgment n.o.v.
42. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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43. 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
Revocability
'Past consideration'
Voluntarily proceeding
Workers compensation laws
44. 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
National Environmental Policy Act (NEPA)
Securities Act
Process of assignment
45. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Regulation S of the Securities Act
Equal protection
Accord
Unilateral mistake
46. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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47. A quarterly report required by the Exchange Act
Examples of Uniform Laws
10-Q
The Statute of Frauds
Bilateral contract
48. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Beneficiary's rights
Unilateral rescission
Defined benefit plans
United States Bankruptcy Code ('Code')
49. 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.'
Plaintiff
Assignment of rights
Procedural unconscionability
Mistake
50. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Sherman Act
Securities Exchange Act of 1934
Substantial performance
Rule 12b (6) motion