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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. When the creditor initiates the proceedings.
Personal jurisdiction
Involuntary proceeding
Federal circuit court of appeals and the federal court of appeals
Standing
2. 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
Misappropriation theory
Federal question jurisdiction
Examples of Uniform Laws
Private placement
3. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities
Securities and Exchange Commission
Summons
Federal Information Act
4. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Clean Water Act
Section 5 of the Securities Act
10-Q
Workers compensation laws
5. Directors - certain officers - and owners
Title VII of the Civil Rights Act of 1964
Control persons
Consequential damages
Informed consent
6. 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
Informed consent
Changed circumstances that allow a party to be excused from performance under the contract
Securities Exchange Act of 1934
Expertised portion
7. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Export Administration Act (EAA)
Rule 12b (6) motion
Duress
8. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trust
Bargained-for-exchange
Environmental Protection Agency (EPA)
'Takings'
9. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Legal capacity
Proxy
Contracts that prohibit assignment
Equal Pay Act (EPA)
10. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Promise
Penalty
Exclusive distributor agreements
Excuse of condition
11. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Foreign Corrupt Practices Act
Criminal Law
Accord
Market division
12. 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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13. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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14. Not discriminating against foreign product - thereby treating all products within their border equally
Occupational Safety and Health Administration (OSHA)
Exclusive dealing agreement
National Treatment
Specialized federal courts
15. The person to whom the right is assigned
Remediation
Prospectus
Breach
Assignee
16. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
'Mirror image' rule
A motion of summary judgement
Legal detriment
Securities
17. An exemption for offerings that occur primarily within one state.
Voluntarily proceeding
Export Administration Act (EAA)
Penalty
Rule 147 of the Securities Act
18. 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
Federal Information Act
Equal Pay Act (EPA)
Proxy
The Statute of Frauds
19. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Americans with Disabilities Act (ADA)
Offer
Equity of redemption
Superfund
20. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Contract law
Unilateral contract
Tender offers
Collective bargaining
21. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Foreign Sovereign Immunities Act
Equal Pay Act (EPA)
Standing
22. Prohibits institutions from discrimination related to credit applications
Equal Credit Opportunity Act
Mutual assent
Pleadings
Group boycotts
23. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Writ of habeas corpus
Attorney/client privilege
Product liability
'Mirror image' rule
24. A trivial defect in performance (the opposite of material breach).
Promisor's rights (in relation to the beneficiary)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Substantial performance
Duties that cannot be delegated
25. A condition that occurs at the same time as performance
10-Q
Condition concurrent
Trial court
United States Bankruptcy Code ('Code')
26. A pre-trial motion when the pleadings are vague or ambiguous.
Exempt securities and transactions
Motion for a more definitive statement
Subjective intent
Defendant
27. Legally recognized injury
Injury-in-fact
Incidental beneficiary
Remand
National Labor Relations Board
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
Expectation damages (also known as the 'benefit of the bargain')
Total breach
Nonexpertized portions
Horizontal agreement
29. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Obligee
Security interest
Duress
Securities Act Registration
30. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Section 11 of the Securities Act
Involuntary proceeding
Economic waste
Employee-at-will
31. Administers federal labor laws
Joint obligation
National Labor Relations Board
Strict liability
Total breach
32. 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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33. 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
Limited jurisdiction
Gift
Grand jury
Section 11 of the Securities Act
34. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Express contract
Counterclaims
Effect of delegation
35. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Complete or total integration
Any statutory seller
Public company
Mental incapacity
36. 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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37. 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.).
Petit jury
Expectation damages (also known as the 'benefit of the bargain')
Post-trial motions
Trial court
38. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Demand assurance
Model Rules of Professional Conduct
Injunction
Obligee
39. A trust formed to dominate an industry
United States Bankruptcy Code ('Code')
Employment discrimination
Contracts that prohibit assignment
Monopoly
40. 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
Goods
Penalty
'de nuvo'
41. An intent to deceive or defraud
Clean Air Act
Section 12(a)(2)
Scienter
Section 11 of the Securities Act
42. It is an action to avoid unjust enrichment.
Prospectus
Restitution
Counterclaims
Employment law
43. 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.
Section 5 of the Securities Act
Reliance
Corporate social responsibility
Foreign Corrupt Practices Act
44. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Securities Act Registration
Contract
Statute of limitations
8-K
45. A party's damage award will be reduced by any loss he did or could have avoided.
Bilateral Investment Treaty program
Implied terms
Duty to mitigate
Pre-existing duty
46. Regulates radio - television - and other forms of interstate communications
Concurrent conflict of interests
Federal Communications Commission
Condition
8-K
47. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Condition concurrent
Implied contracts
Nonexpertized portions
Foreign Corrupt Practices Act
48. 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)
Promise
Tie-in agreement
Quasi-contract
Motion for a more definitive statement
49. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
'due process'
Federal Trade Commission
Delegation
50. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
National Environmental Policy Act (NEPA)
Procedural unconscionability
Subject matter jurisdiction
Section 4 of the Securities Act