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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. Prohibit discrimination based on pregnancy or childbirth
Pregnancy Discrimination ACt
Lien
Express contract
National Labor Relations Board (NLRB)
2. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Discharge of contract
The Statute of Frauds
National Ambient Air Quality Standards
Employment law
3. When a control makes a profit purchasing and selling her shares within a six-month period
Strict liability
'in pari delicto'
Short swing profits
Plaintiff
4. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Design defect
Token consideration
Section 10(b) and Rule 10b-5 of the Exchange Act
Preponderance of evidence
5. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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6. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
'meeting of the minds'
'Definite and certain'
Complete or total integration
Misappropriation theory
7. Prohibits institutions from discrimination related to credit applications
Equal Credit Opportunity Act
Offer
'due process'
Workers compensation laws
8. 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
Bargained-for-exchange
Chapter 7 of the Code
Liability based on intentional tort
Section 4 of the Securities Act
9. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Hung jury
Direct damages
Suspect classification
Federal Rules of Civil Procedures
10. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Title VII of the Civil Rights Act of 1964
Consequentialism
Clean Air Act
The Environmental Quality Report
11. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Other constituency statutes
Corporate social responsibility
Automatic stay
Export Administration Act (EAA)
12. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Penalty
Federal Information Act
Deontological
Pension Benefit Guaranty Corporation (PBGC)
13. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Consequentialism
Rule 504 of Regulation D of the Securities Act
Motion to strike
Federal district court
14. The person to whom the right is assigned
Superfund
Social entity or stakeholder theory of the corporation
Horizontal agreement
Assignee
15. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Vertical agreements
Section 4 of the Securities Act
Option contract
16. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Resource Conservation and Recovery Act
Other constituency statutes
Occupational Safety and Health Act
Sherman Act
17. It represents a request for the court to take some action. A motion can be filed by a defendant.
Mutual rescission
Consideration
Excuse of condition
Motion
18. 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
Material breach
National Environmental Policy Act (NEPA)
Unsecured creditor
Informed consent
19. 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
Lanham Act
Mutual assent
Unilateral mistake
Bargained-for-exchange
20. The party seeking to appeal the previous court's decision
Americans with Disabilities Act (ADA)
Market division
Appellant
Illusory promise
21. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Securities Exchange Act of 1934
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Defenses against liability of misrepresentations or omissions
Shareholder primacy
22. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Supreme Court powers
Promise
Federal Trade Commission (FTC)
The Environmental Quality Report
23. A quarterly report required by the Exchange Act
Materiality
Concurrent conflict of interests
10-Q
Federal Information Act
24. 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.
Companies that are subject to the exchange act (Reporting companies)
Section 701 of the Securities Act
Mutual assent
Export Administration Regulations (EAR)
25. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Misrepresentation
Contract with intoxicated persons
Executed exchange
Bargained-for-exchange
26. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Breach
Suspect classification
Attorney/client privilege
Superfund
27. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Gramm-Leach-Bliley Act
Preponderance of evidence
Effect of delegation
Model Rules of Professional Conduct
28. Oversees implementation of this benefit program of the Social Security Act
The Statute of Frauds
Obligor's rights
'Infants' or 'minors'
Social Security Administration
29. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Appellee or respondent
Equal protection
Effect of delegation
The Council on Environmental Quality
30. 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.
Export Administration Regulations (EAR)
Delegation
Demand assurance
Who is liable
31. After taking the case to the federal district court - the party has the right to appeal to the federal circuit court of appeals. there are twelve federal appeals courts that hear cases from several different district courts within a specific geograph
Mistake
Process of appealing a case through the three levels of court
Criminal Law
Informed consent
32. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Mutual rescission
Clayton Act
Complete or total integration
Criminal Trial
33. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Prosecution
Occupational Safety and Health Act
Unilateral rescission
Bargained-for-exchange
34. Laws that states have passed that aim at regulating securities transactions within their states.
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35. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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36. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Informed consent
Promisee's rights
Executed exchange
Gift
37. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Jurisdiction
Security interest
National Institute for Occupational Health
Material breach
38. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Rules of interpretation of a contract by a court
Section 4 of the Securities Act
Hung jury
General Agreement on Tariffs and Trades
39. 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
Unconscionability
Remand
Defendant
Negative causation
40. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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41. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Levels of courts
Sham consideration
Misstatement or omission
42. They represent the amount of money a party has spent in justifiable reliance on a contract.
Res judicata
Contracts that prohibit assignment
Rule 12b (6) motion
Reliance damages
43. Oversees the purchase and sale of securities
Res judicata
Performance
Securities and Exchange Commission
United States Bankruptcy Code ('Code')
44. 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
Security agreement
Horizontal agreement
Inadequate warning defect`
Fair Credit Reporting Act
45. A creditor that does not have a security interest in any of the debtor's property or assets.
Unsecured creditor
Pension Benefit Guaranty Corporation (PBGC)
Specialized federal courts
Foreign Sovereign Immunities Act
46. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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47. The creditor's right to take possession of the property is called foreclosure
Assignment of rights
Condition precedent
Foreclosure
Collateral
48. The property that is the subject of a security interest
Securities
Private placement
Collateral
National Treatment
49. Directors - certain officers - and owners
Control persons
Mutual assent
Rule 504 of Regulation D of the Securities Act
Concurrent conflict of interests
50. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Nonexpertized portions
Affirm or disaffirm
Bureau of Consumer Protection
Creditor beneficiary