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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 government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Administrative law judges
Restitution and rescission
Chapter 11 of the Code
Expropriation
2. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Motion to strike
'Infants' or 'minors'
Executed exchange
Equity of redemption
3. It is a reference to the courts' ability to hear cases where the parties are 'diverse' (the opposing parties are citizens from different states or one of the parties is a citizen of a foreign country and the amount in controversy exceeds $75 -000.
Bureau of Customs and Border Protection
Grand jury
Diversity jurisdiction
Condition precedent
4. 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.
Securities and Exchange Commission
Bona fide occupational qualification
Mutual assent
Creditor
5. 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
Organization for Economic Co-operation and Development (OECD)
Bilateral Investment Treaty program
Diminution in value
Misappropriation theory
6. When a party unlawfully indicate that he will not perform when the performance is due.
Anticipatory repudiation
Regulation S of the Securities Act
Mistake
Common Law
7. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Revocability
Federal Communications Commission
Foreclosure
The Council on Environmental Quality
8. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Scienter
Quasi-contract
Informed consent
A motion of summary judgement
9. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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10. 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.
United States Bankruptcy Code ('Code')
Ordinances
Who is liable
Remediation
11. A trivial defect in performance (the opposite of material breach).
Implied terms
Substantial performance
Affirm or disaffirm
Employment law
12. 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
Defined contribution plan
Parol Evidence Rule
Mutual mistake
'due process'
13. When there is no bargained-for exchange - because there is no exchange.
Federal Information Act
Bargained-for-exchange
Gift
Gratuitous assignment
14. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Assignee
'Takings'
Condition precedent
Specific performance
15. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Donee beneficiary
'Definite and certain'
Occupational Safety and Health Act
Expertised portion
16. 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
Complete or total integration
Rules of interpretation of a contract by a court
Condition subsequent
Assignment of rights
17. A condition that occurs at the same time as performance
Equal protection
Obligor
Duress
Condition concurrent
18. 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
Product liability
Common Law
Voluntarily proceeding
19. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Superfund
Rule 505 of Regulation D of the Securities Act
Donee beneficiary
Excuse of condition
20. 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
Attachment
Superfund
Reliance damages
Federal question jurisdiction
21. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Beneficiary's rights
Unilateral rescission
Strict liability
Rule 12b (6) motion
22. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Title VII of the Civil Rights Act of 1964
Export Administration Regulations (EAR)
Standing
General Agreement on Tariffs and Trades
23. 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
Accord
Content-neutral restrictions
Contract with intoxicated persons
'Quid pro quo'
24. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Undue influence
Judicial review
Obligor
Unsecured creditor
25. Torts and contracts... represents law that regulates the relationships between parties.
Civil Law
Materiality
Domicile
National Labor Relations Act
26. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -
Exclusive distributor agreements
Supreme Court powers
Exchange Act Regulations
Control persons
27. Legally recognized injury
Changed circumstances that allow a party to be excused from performance under the contract
Legal ethics
Regulation S of the Securities Act
Injury-in-fact
28. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Strict liability
Workers compensation laws
Defined contribution plan
Prospectus
29. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Federal Environmental Pesticide Control Act
Delegation
Summons
Commencing a lawsuit
30. 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
Statute of limitations
'clear and present'
Trust
Intended beneficiary
31. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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32. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Gramm-Leach-Bliley Act
Motion to strike
Rule 12b (6) motion
Section 12 (a)(1) of the Securities Act
33. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
Goods
Section 4 of the Securities Act
National Environmental Policy Act (NEPA)
34. 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 and Exchange Commission
Environmental Protection Agency
Securities Act Registration
Rule 12b (6) motion
35. 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.
Securities Act Registration
Substantive unconscionability
Corporate social responsibility
Production quotas
36. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Environmental Protection Agency
Federal circuit court of appeals and the federal court of appeals
The Social Security Administration
Sherman Act
37. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Civil Law
Objective standard
Taking a contract 'out of the Statute of Frauds'
38. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Implied terms
Procedural unconscionability
Injunction
Defendant
39. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Civil Law
Sham consideration
Condition
Performance
40. A situation where one person unfairly benefits from a transaction
Section 12(a)(2)
Unjust enrichment
Federal Communications Commission
'due process'
41. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Federal circuit court of appeals and the federal court of appeals
Content-neutral restrictions
Negative causation
Process of appealing a case through the three levels of court
42. Prohibits institutions from discrimination related to credit applications
Attachment
Social entity or stakeholder theory of the corporation
Bureau of Customs and Border Protection
Equal Credit Opportunity Act
43. The property that is the subject of a security interest
Collateral
Attachment
Rules of interpretation of a contract by a court
Market division
44. 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.
Duties that cannot be delegated
Federal circuit court of appeals and the federal court of appeals
Private placement
Donee beneficiary
45. Oversees the purchase and sale of securities
Social entity or stakeholder theory of the corporation
Civil Law
Securities and Exchange Commission
Grand jury
46. The first court to consider an action
Specific performance
Original jurisdiction
Utilitarianism
Undue influence
47. Words or actions an individual may have intended - but did not communicate
Materiality
Subjective intent
Affirm or disaffirm
Bilateral investment treaties
48. 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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49. 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
Assignment of rights
Market division
Social entity or stakeholder theory of the corporation
50. 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.
Vertical agreements
Mutual mistake
Charitable contributions
Tender offers