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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. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Consumer protection
Securities Act Registration
Federal Rules of Civil Procedures
Offer
2. 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
Parol Evidence Rule
Satisfaction
Federal Environmental Pesticide Control Act
Affirm or disaffirm
3. 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
Legal ethics
Companies that are subject to the exchange act (Reporting companies)
Termination of an invitation to make an offer
Obligor
4. 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
Supervening illegality
Writ of habeas corpus
Liquidated damages clause
'Quid pro quo'
5. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Clean Water Act
Bureau of Customs and Border Protection
Gift
National Institute for Occupational Health
6. 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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7. 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
Reliance
Defined benefit plans
Demand assurance
Donee beneficiary
8. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
The Statute of Frauds
Consideration
Inadequate warning defect`
Changed circumstances that allow a party to be excused from performance under the contract
9. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Gratuitous assignment
Examples of Uniform Laws
Plaintiff
Materiality
10. The party seeking to appeal the previous court's decision
Companies that are subject to the exchange act (Reporting companies)
Appellant
Equal Pay Act (EPA)
Motion of directed verdict or of dismissal
11. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Appellant
Promisor's rights (in relation to the beneficiary)
Federal district court
Goods
12. 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.
Demand assurance
Rule 506 of Regulation D of the Securities Act
'clear and present'
Private placement
13. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Mutual mistake
Bureau of Customs and Border Protection
Section 11 of the Securities Act
Equal Employment Opportunity Commission (EEOC)
14. When the jury retires to a separate room to decide the outcome of the case.
Employment law
Consideration
Deliberation
Verdict
15. 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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16. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Section 12 (a)(1) of the Securities Act
Bona fide occupational qualification
Standing
Unilateral contract
17. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Injury-in-fact
Assignment of rights
Contracts that prohibit assignment
Non-recoverable damages
18. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Termination of an invitation to make an offer
Intended beneficiaries of government contract
Pension Benefit Guaranty Corporation (PBGC)
Demand assurance
19. Legally recognized injury
Economic waste
Contracts that prohibit assignment
Injury-in-fact
Shareholder primacy
20. 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
Materiality
Delegation
Common Law
Bilateral Investment Treaty program
21. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Gramm-Leach-Bliley Act
Plaintiff
Market division
Condition
22. An exemption for offerings that occur primarily within one state.
Quasi-suspect classification
'Quid pro quo'
Procedural unconscionability
Rule 147 of the Securities Act
23. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Mental incapacity
Novation
National Labor Relations Act
Supervening illegality
24. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Examples of Uniform Laws
Unconscionability
10-Q
Indictment
25. 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.
Suspect classification
Rule 12b (6) motion
Mutual assent
Production quotas
26. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Defined contribution plan
Federal Trade Commission (FTC)
Exclusive distributor agreements
Superfund
27. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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28. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Securities Exchange Act of 1934
Implied contracts
Section 701 of the Securities Act
29. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Chapter 11 of the Code
Section 701 of the Securities Act
Federal question jurisdiction
Rule 504 of Regulation D of the Securities Act
30. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Rule 506 of Regulation D of the Securities Act
Consideration
Statutory Seller
Section 7A of the Clayton Act
31. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Environmental Protection Agency (EPA)
Parol Evidence Rule
Remediation
The Council on Environmental Quality
32. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Ordinances
Direct damages
Securities Exchange Act of 1934
Tender offers
33. 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.
Injury-in-fact
Criminal Law
Shareholder primacy
Judgment n.o.v.
34. 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
Deliberation
Consumer protection
Chapter 7 of the Code
35. When there is no bargained-for exchange - because there is no exchange.
Export Administration Act (EAA)
Direct damages
Gift
Prospectus
36. The National labor Relations Act established this administrative agency. It helps resolve disputes between employees and employers
National Labor Relations Board (NLRB)
Affirmative defenses
Accredited investor
Content-neutral restrictions
37. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Employee Retirement Income Security Act (ERISA)
Regulation D of the Securities Act
Federal district court
Appellate jurisdiction
38. 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
Performance
Resource Conservation and Recovery Act
Beneficiary's rights
Prosecution
39. 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.
The Family and Medical Leave Act
Equal Employment Opportunity Commission (EEOC)
Changed circumstances that allow a party to be excused from performance under the contract
Pre-existing duty
40. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
National Institute for Occupational Health
The Family and Medical Leave Act
Rule 12b (6) motion
Affirm or disaffirm
41. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Injunction
Vertical agreements
'Takings'
Section 7A of the Clayton Act
42. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Title VII of the Civil Rights Act of 1964
Voluntarily proceeding
Regulation S of the Securities Act
Trust
43. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Enabling acts
Commercial speech
Statute of limitations
Limited jurisdiction
44. Not discriminating against foreign product - thereby treating all products within their border equally
Injury-in-fact
Equal Employment Opportunity Commission (EEOC)
Breach
National Treatment
45. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Section 701 of the Securities Act
National Labor Relations Board
Joint obligation
Price fixing
46. 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
Donee beneficiary
Attachment
Collective bargaining
Expertised portion
47. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Organization for Economic Co-operation and Development (OECD)
Control persons
Employee-at-will
Creditor
48. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 505 of Regulation D of the Securities Act
Short swing profits
Informed consent
Affirm or disaffirm
49. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Exclusive distributor agreements
Rational basis test
Personal jurisdiction
Contract law
50. The agreement to create a security interest
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Content-neutral restrictions
Security agreement
Uniform Laws