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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 difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Monopoly
Summons
Supreme Court powers
2. 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
Partial or trivial breach
Exclusive dealing agreement
National Environmental Policy Act (NEPA)
Social entity or stakeholder theory of the corporation
3. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Promise
Limited jurisdiction
Rule 147 of the Securities Act
Assignee
4. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Creditor
Rules of construction
Per se
5. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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6. When the jury retires to a separate room to decide the outcome of the case.
Regulation A of the Securities Act
Security agreement
Satisfaction
Deliberation
7. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Section 4 of the Securities Act
Concurrent conflict of interests
Defendant
Equal Employment Opportunity Commission (EEOC)
8. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Consequentialism
Chapter 13 of the Code
Civil Law or Code Law
Resource Conservation and Recovery Act
9. Claims that the defendant has against the plaintiff
Contract with intoxicated persons
Securities Act Registration
Counterclaims
'Takings'
10. 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
Organization for Economic Co-operation and Development (OECD)
Condition subsequent
Supervening illegality
Expertised portion
11. 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
Duties that cannot be delegated
Administrative law judges
Priority of secured transactions
Parol Evidence Rule
12. 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.
Bilateral investment treaties
Anticipatory repudiation
Malpractice
When an assignment becomes void
13. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Reliance damages
Mistake
Securities and Exchange Commission
Substantive unconscionability
14. 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
Expropriation
Companies that are subject to the exchange act (Reporting companies)
Mutual mistake
Rule 504 of Regulation D of the Securities Act
15. They represent losses that result from other transactions that are dependent upon the breached contract
Per se
Consequential damages
Trust
Accredited investor
16. Laws that states have passed that aim at regulating securities transactions within their states.
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17. They represent the amount of money a party has spent in justifiable reliance on a contract.
'Quid pro quo'
Reliance damages
Assignee's rights
Clean Water Act
18. 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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19. Ethical behavior in terms of its consequences ('the end justifies the means')
'due process'
Obligee
Complete or total integration
Consequentialism
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.
Petit jury
Appellant
Gift
Rational basis test
21. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Occupational Safety and Health Act
Incidental beneficiary
Tender offers
Implied contract
22. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Lanham Act
Resource Conservation and Recovery Act
Any statutory seller
Jurisdiction
23. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Rule 12b (6) motion
A motion of summary judgement
Pre-existing duty
Liquidated damages clause
24. Inadequate warning of danger - which can be construed as a design defect
Other constituency statutes
Mutual assent
Supervening illegality
Inadequate warning defect`
25. 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.
Motion of directed verdict or of dismissal
Obligor's rights
Contract
Criminal Law
26. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
National Treatment
Federal Environmental Pesticide Control Act
Automatic stay
Tie-in agreement
27. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Foreign Corrupt Practices Act
Federal Communications Commission
Incidental beneficiary
Appellate jurisdiction
28. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Federal question jurisdiction
Res judicata
Clean Air Act
Partial or trivial breach
29. 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
Trademark
Statute of limitations
Title VII of the Civil Rights Act of 1964
Resource Conservation and Recovery Act
30. Previous decisions made by decisions - by which the current judges must abide by.
Administrative law judges
Precedent
Pretexting
Domicile
31. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Securities Act Registration
Standing
Sherman Act
'in pari delicto'
32. 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).
Collective bargaining
Federal Trade Commission (FTC)
Manufacturing defect
Unilateral contract
33. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
'Takings'
Exclusive distributor agreements
Delegation
Taking a contract 'out of the Statute of Frauds'
34. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Rules of interpretation of a contract by a court
Scienter
Chapter 13 of the Code
Employee Retirement Income Security Act (ERISA)
35. 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
Donee beneficiary
Securities Act Registration
Unemployment compensation laws
Per se
36. 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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37. 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
Toxic Substances Control Act
Res ipsa loquitor
Rational basis test
38. Misrepresentation that was made with intent
Environmental Protection Agency
'Takings'
Employment discrimination
Fraud
39. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Gratuitous assignment
Offer
Clayton Act
Consequential damages
40. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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41. The documents that parties file in connection with their lawsuit
Fraud
Subject matter jurisdiction
Res judicata
Pleadings
42. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Section 701 of the Securities Act
Restatement (Second) of Contracts
National Labor Relations Act
Changed circumstances that allow a party to be excused from performance under the contract
43. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Duress
Unilateral rescission
Rule of reason
Informed consent
44. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
'Definite and certain'
Employee-at-will
National Institute for Occupational Health
Mistake
45. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Diversity jurisdiction
Regulation D of the Securities Act
Defenses against liability of misrepresentations or omissions
Expropriation
46. 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.
Implied contracts
Civil liability
Revocability
Defined contribution plan
47. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Intended beneficiaries of government contract
Rules of construction
Social Security Administration
Penalty
48. Contracts that are formed for the intended benefit of some third party.
Unemployment compensation laws
Executed exchange
Third party beneficiary
Lien
49. 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
Revocability
Mutual rescission
Diversity jurisdiction
50. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
Monopoly
Fair Labor Standards Act (FLSA)
Criminal Trial