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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. It regulates chemical substances
Toxic Substances Control Act
Subject matter jurisdiction
Section 701 of the Securities Act
Hung jury
2. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Motion of directed verdict or of dismissal
Clean Water Act
Perfected
Section 7A of the Clayton Act
3. 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
Option contract
Unemployment compensation laws
Pension Benefit Guaranty Corporation (PBGC)
Regulation A of the Securities Act
4. 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
National Labor Relations Act
Environmental Protection Agency (EPA)
Implied contracts
5. The property that is the subject of a security interest
Collateral
Subject matter jurisdiction
Bargained-for-exchange
Oral argument
6. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Satisfaction
Section 4 of the Securities Act
Social entity or stakeholder theory of the corporation
Utilitarianism
7. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Revocability
Mental incapacity
Offer
Trial court
8. The documents that parties file in connection with their lawsuit
Bilateral Investment Treaty program
Administrative Procedure Act
Pleadings
Market division
9. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Reporting company
Securities and Exchange Commission
Restitution
Superfund
10. 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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11. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Demand assurance
Strict liability
Utilitarianism
Duress
12. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Lanham Act
Uniform Commercial Code ('UCC')
10-Q
'Mirror image' rule
13. 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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14. A creditor that does not have a security interest in any of the debtor's property or assets.
Petit jury
Vesting of beneficiary's rights
Expectation damages (also known as the 'benefit of the bargain')
Unsecured creditor
15. 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
Product liability
Parol Evidence Rule
Age Discrimination in Employment Act (ADEA)
Bilateral Investment Treaty program
16. The written set of charges against the defendant - which is presented to a grand jury.
Indictment
Rule 144 of the Securities Act
Administrative Procedure Act
Section 701 of the Securities Act
17. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Priority of secured transactions
Changed circumstances that allow a party to be excused from performance under the contract
Rule 12b (6) motion
General jurisdiction
18. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Quasi-suspect classification
Unjust enrichment
Procedural unconscionability
The Environmental Quality Report
19. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Precedent
Liquidated damages clause
Expropriation
Performance
20. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Standing
Donee beneficiary
Diversity jurisdiction
Total breach
21. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Limited jurisdiction
Writ of certiorari
Penalty
Who is liable
22. Prevents discrimination against employees who are 40years old or more
Trademark
Appellee or respondent
Commencing a lawsuit
Age Discrimination in Employment Act (ADEA)
23. It represents notice that a lawsuit has been filed against the defendant
'de nuvo'
Donee beneficiary
Summons
Non-recoverable damages
24. An exemption for transactions involving offerings to employees.
Promisee's rights
Section 701 of the Securities Act
Bilateral Investment Treaty program
'Blue sky' laws
25. 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).
Manufacturing defect
Limited jurisdiction
Market division
Negative causation
26. The promisor's failure to perform in accordance with the terms of the contract
Demurrer
Defendant
Breach
Creditor
27. 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
Criminal Law
United States Bankruptcy Code ('Code')
Chapter 11 of the Code
Unconscionability
28. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Subject matter jurisdiction
Clean Air Act
Termination of an invitation to make an offer
Horizontal agreement
29. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Social entity or stakeholder theory of the corporation
Grand jury
Specialized federal courts
Bilateral contract
30. Place of permanent residence
Collateral
'Infants' or 'minors'
Section 7A of the Clayton Act
Domicile
31. Negative causation - due diligence defense - ...
Defenses against liability of misrepresentations or omissions
Equal Pay Act (EPA)
Reliance
Equal protection
32. 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
Partial or trivial breach
Truth in Lending Act
Prospectus
33. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Shareholder primacy
Federal Trade Commission
Employee Retirement Income Security Act (ERISA)
Post-trial motions
34. 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.
General Agreement on Tariffs and Trades
Res judicata
Employee-at-will
Beneficiary's rights
35. 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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36. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Multilateral treaties
A motion of summary judgement
Trademark
Foreign Sovereign Immunities Act
37. Acceptance is effective when the offeree sends it - no matter the type of communication. However - a revocation becomes valid when the offeree receives it. Again - if the offeree changes his mind - and sends two different messages - whichever reaches
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38. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Unilateral rescission
Treaties authority
Utilitarianism
Revocation
39. When a party unlawfully indicate that he will not perform when the performance is due.
Bureau of Consumer Protection
Bona fide occupational qualification
Anticipatory repudiation
Mental incapacity
40. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Pleadings
Informed consent
Plaintiff
Affirmative defenses
41. Inadequate warning of danger - which can be construed as a design defect
'Past consideration'
Inadequate warning defect`
Unconscionability
Jurisdiction
42. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Bona fide occupational qualification
When an assignment becomes void
Rule 506 of Regulation D of the Securities Act
Defenses against liability of misrepresentations or omissions
43. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Lanham Act
Civil liability
Clayton Act
Trust
44. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Sherman Act
Undue influence
Clean Water Act
Resource Conservation and Recovery Act
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
Unilateral mistake
Performance
Perfected
Federal Trade Commission
46. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Burden of proof
Contract with intoxicated persons
Accord
Intended beneficiary
47. 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
Domicile
Private placement
The Family and Medical Leave Act
48. 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.
Public company
A motion of summary judgement
Condition
Rules of interpretation of a contract by a court
49. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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50. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Assignor
Inadequate warning defect`
Occupational Safety and Health Act
Executed exchange