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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. A promise that is inferred from a person's conduct or the circumstances of the transaction
The Family and Medical Leave Act
Implied contract
Express contract
'Past consideration'
2. Negative causation - due diligence defense - ...
National Environmental Policy Act (NEPA)
Defenses against liability of misrepresentations or omissions
Pre-existing duty
Injunction
3. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Motion for a more definitive statement
Equal Employment Opportunity Commission (EEOC)
Investment contracts
Section 701 of the Securities Act
4. Words or actions an individual may have intended - but did not communicate
Subjective intent
Occupational Safety and Health Administration (OSHA)
Regulation D of the Securities Act
Security agreement
5. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Strict liability
Clean Air Act
Federal Trade Commission (FTC)
Misstatement or omission
6. They represent losses that result from other transactions that are dependent upon the breached contract
National Environmental Policy Act (NEPA)
Consequential damages
Partial or trivial breach
Beneficiary's rights
7. The Constitution makes treaties the 'supreme law of the land'
Delegation
Treaties authority
National Ambient Air Quality Standards
Illusory promise
8. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Counteroffer
Who is liable
Pretexting
Strict liability
9. 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
Accredited investor
Federal Trade Commission (FTC)
Express contract
Appellate jurisdiction
10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
The Environmental Quality Report
Rule 504 of Regulation D of the Securities Act
Exchange Act Regulations
11. 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.
Consideration
Donee beneficiary
When an assignment becomes void
Federal circuit court of appeals and the federal court of appeals
12. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
'meeting of the minds'
Rule of reason
Standing
Personal jurisdiction
13. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Obligee
Environmental Protection Agency (EPA)
Taking a contract 'out of the Statute of Frauds'
Option contract
14. They represent the amount of money a party has spent in justifiable reliance on a contract.
Bargained-for-exchange
Accord
Reliance damages
Section 5 of the Securities Act
15. 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
Criminal Law
Unilateral rescission
Assignee
Attachment
16. A condition that occurs at the same time as performance
Condition concurrent
Federal district court
Manufacturing defect
Motion to strike
17. 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.
Automatic stay
Administrative law judges
Private placement
The Family and Medical Leave Act
18. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Concurrent conflict of interests
Mutual rescission
Unilateral contract
Duress
19. A supervening stature makes a contract illegal - and thereby makes performance impossible
National Environmental Policy Act (NEPA)
Companies that are subject to the exchange act (Reporting companies)
Supervening illegality
Section 12(a)(2)
20. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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21. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
When an assignment becomes void
Mutual rescission
Other constituency statutes
Promise
22. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
A motion of summary judgement
Involuntary proceeding
Bilateral treaties
Group boycotts
23. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Pre-existing duty
Injury-in-fact
Remand
Securities Act
24. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Regulation A of the Securities Act
Contract with intoxicated persons
Res ipsa loquitor
Section 4 of the Securities Act
25. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Sherman Act
Investment contracts
Gratuitous assignment
Enabling acts
26. 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
Undue influence
Foreign Corrupt Practices Act
Jurisdiction
Securities Act Registration
27. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Materiality
Summons
Appellee or respondent
28. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Substantial performance
Substitutes of consideration
The Environmental Quality Report
Charitable contributions
29. 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
Donee beneficiary
Petit jury
Quasi-suspect classification
Restatement (Second) of Contracts
30. One of the primary federal federal statutes
Securities Act
Price fixing
Standing
Discharge of contract
31. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Bona fide occupational qualification
Who is liable
Material breach
32. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Joint obligation
Substantial performance
Termination of an invitation to make an offer
Fair Debt Collection Act
33. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Inadequate warning defect`
Criminal Trial
Regulation S of the Securities Act
Automatic stay
34. 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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35. 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.
Prosecution
Res judicata
Social Security Act
'Blue sky' laws
36. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Retraction
'meeting of the minds'
Bona fide occupational qualification
Oral argument
37. 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
Restatement (Second) of Contracts
Secured transaction
Control persons
Rule 506 of Regulation D of the Securities Act
38. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Mutual assent
Materiality
Defined contribution plan
Diversity jurisdiction
39. An exemption for securities sold outside of the U.S.
Regulation S of the Securities Act
Federal Information Act
Termination of an invitation to make an offer
Vertical agreements
40. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Jurisdiction
Rule 504 of Regulation D of the Securities Act
'Infants' or 'minors'
Demand assurance
41. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Affirm or disaffirm
Treaties authority
Demurrer
Legal detriment
42. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Rule 12b (6) motion
Expertised portion
Negative causation
Utilitarianism
43. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Unilateral mistake
Tie-in agreement
Environmental Protection Agency (EPA)
Beneficiary's rights
44. 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.
Accord
Demurrer
Any statutory seller
Pension Benefit Guaranty Corporation (PBGC)
45. The right of both parties to gain information concerning the other party and her witnesses.
Equity of redemption
Gratuitous assignment
Discovery
Mutual assent
46. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Beneficiary's rights
Rule 144 of the Securities Act
Administrative law judges
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
47. Defenses that would prevent the plaintiff from holding the defendant liable
Equal Pay Act (EPA)
Materiality
Affirmative defenses
Injury-in-fact
48. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Civil Law or Code Law
Environmental Protection Agency
Equal protection
Workers compensation laws
49. 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.
Verdict
Supervening illegality
'Ffour corners'
Who is liable
50. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Manufacturing defect
Chapter 13 of the Code
Economic waste
Restitution