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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. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Beneficiary's rights
Remediation
Perfected
2. 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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3. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Clayton Act
Chapter 11 of the Code
Bilateral Investment Treaty program
Obligor's rights
4. Claims that the defendant has against the plaintiff
Counterclaims
Stare decisis
Production quotas
Other constituency statutes
5. 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.
Undue influence
Jurisdiction
Duties that cannot be delegated
Superfund
6. 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
Appellant
Civil Law
Market division
7. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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8. 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
Regulation S of the Securities Act
Parol Evidence Rule
Private placement
Plaintiff
9. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Demand assurance
Civil Law
Pension Benefit Guaranty Corporation (PBGC)
Vertical agreements
10. A trust formed to dominate an industry
Monopoly
Demand assurance
Tender offers
Excuse of condition
11. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Social Security Administration
Inadequate warning defect`
Restitution and rescission
Rule of reason
12. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Counteroffer
Restitution
Consequentialism
The Family and Medical Leave Act
13. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Mortgage
Federal district court
Executed exchange
14. The documents that parties file in connection with their lawsuit
Reliance
Pleadings
8-K
Retraction
15. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Clean Water Act
Chapter 11 of the Code
Demand assurance
National Environmental Policy Act (NEPA)
16. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Equity of redemption
Taking a contract 'out of the Statute of Frauds'
Reliance
United States Bankruptcy Code ('Code')
17. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Unilateral rescission
Equal protection
Collective bargaining
Federal Environmental Pesticide Control Act
18. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
National Labor Relations Act
Option contract
Quasi-suspect classification
Model Rules of Professional Conduct
19. Place of permanent residence
Domicile
Corporate social responsibility
National Ambient Air Quality Standards
Assignment of rights
20. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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21. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Section 12(a)(2)
Parol Evidence Rule
Procedural unconscionability
Restitution
22. An exemption for transactions involving offerings to employees.
Section 701 of the Securities Act
Defendant
Expertised portion
Common Law
23. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Third party beneficiary
Secured transaction
Implied contract
The Environmental Quality Report
24. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Counteroffer
Demand assurance
Consequential damages
General Agreement on Tariffs and Trades
25. 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
Rule 506 of Regulation D of the Securities Act
Companies that are subject to the exchange act (Reporting companies)
Pretexting
26. Actual performance of an obligation
Companies that are subject to the exchange act (Reporting companies)
Trial court
Changed circumstances that allow a party to be excused from performance under the contract
Satisfaction
27. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Retraction
Consideration
Contract with intoxicated persons
Expropriation
28. 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.
Limited jurisdiction
Voluntarily proceeding
Economic waste
Securities Act Registration
29. 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.
Trademark
Multilateral treaties
Bilateral contract
Federal circuit court of appeals and the federal court of appeals
30. 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
Prosecution
Foreign Corrupt Practices Act
Res ipsa loquitor
Restatement (Second) of Contracts
31. The person being sued
Implied terms
Res judicata
General Agreement on Tariffs and Trades
Defendant
32. 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
Title VII of the Civil Rights Act of 1964
Expertised portion
Informed consent
Effect of delegation
33. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Multilateral treaties
Complete or total integration
Federal district court
Americans with Disabilities Act (ADA)
34. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Securities Exchange Act of 1934
Parol Evidence Rule
Direct damages
Mistake
35. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Appellate jurisdiction
Domicile
Complete or total integration
'Blue sky' laws
36. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Equal protection
Mental incapacity
Mutual mistake
Revocability
37. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Material breach
Objective standard
Who is liable
Obligee
38. Offering made to purchase all or a portion of the shares of a specific company
Mortgage
Section 12 (a)(1) of the Securities Act
Statutory Seller
Tender offers
39. 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
Writ of certiorari
Social entity or stakeholder theory of the corporation
8-K
Remediation
40. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Substantive unconscionability
Horizontal agreement
Supreme Court powers
Securities Exchange Act of 1934
41. 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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42. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Reliance
National Labor Relations Act
Levels of courts
Section 12 (a)(1) of the Securities Act
43. A promise that is inferred from a person's conduct or the circumstances of the transaction
Strict liability
Implied contract
Res ipsa loquitor
Sham consideration
44. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Economic waste
Social entity or stakeholder theory of the corporation
Parol Evidence Rule
Excuse of condition
45. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Rule 504 of Regulation D of the Securities Act
Equal Credit Opportunity Act
Securities Act Registration
Environmental Protection Agency (EPA)
46. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Third party beneficiary
Intended beneficiary
Material breach
Contract
47. 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
Duties that cannot be delegated
Judicial review
Revocability
Quasi-contract
48. Rules of ethics that govern the practice of law and the conduct of lawyers
Answer
Motion
Legal ethics
Clean Air Act
49. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Levels of courts
Bureau of Customs and Border Protection
Strict liability
Proxy
50. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Strict liability
Substitutes of consideration
Rule 505 of Regulation D of the Securities Act
Public company