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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 situation where one person unfairly benefits from a transaction
10-Q
Excuse of condition
Content-neutral restrictions
Unjust enrichment
2. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Obligee
Product liability
Levels of courts
Truth in Lending Act
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.
United States Bankruptcy Code ('Code')
Verdict
Diversity jurisdiction
Indictment
4. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Nonexpertized portions
Defined benefit plans
Changed circumstances that allow a party to be excused from performance under the contract
Suspect classification
5. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Substantial performance
Defined benefit plans
Misstatement or omission
Expropriation
6. Regulates radio - television - and other forms of interstate communications
Levels of courts
Companies that are subject to the exchange act (Reporting companies)
Federal Communications Commission
Legal capacity
7. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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8. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Civil Law
Federal Rules of Civil Procedures
Chapter 7 of the Code
Investment contracts
9. An annual report required by the Exchange Act
Securities Act Registration
10-K
Unsecured creditor
Regulation S of the Securities Act
10. 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.
Oral argument
Expectation damages (also known as the 'benefit of the bargain')
Procedural unconscionability
Foreign Corrupt Practices Act
11. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Securities Exchange Act of 1934
Vertical agreements
Malpractice
10-K
12. Laws that states have passed that aim at regulating securities transactions within their states.
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13. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Condition precedent
General jurisdiction
Rational basis test
14. Treaties between two nations addressing investment concerns
Federal Information Act
Rule 12b (6) motion
Satisfaction
Bilateral investment treaties
15. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Rule 12b (6) motion
'Infants' or 'minors'
Section 10(b) and Rule 10b-5 of the Exchange Act
Beneficiary's rights
16. It is a promise stated in words - either oral or written.
Express contract
Mutual rescission
National Labor Relations Act
Social entity or stakeholder theory of the corporation
17. A distinct mark or symbol that identifies a business and its products
'Quid pro quo'
Discovery
Rule 506 of Regulation D of the Securities Act
Trademark
18. 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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19. An exemption for transactions involving offerings to employees.
Legal capacity
Offer
Limited jurisdiction
Section 701 of the Securities Act
20. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Economic waste
Obligor
Federal Environmental Pesticide Control Act
National Labor Relations Act
21. 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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22. An exemption for securities sold outside of the U.S.
Reporting company
Changed circumstances that allow a party to be excused from performance under the contract
Production quotas
Regulation S of the Securities Act
23. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Criminal Trial
National Ambient Air Quality Standards
Criminal Law
Product liability
24. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Jurisdiction
Assignor
Material breach
Administrative Procedure Act
25. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Prosecution
Donee beneficiary
'meeting of the minds'
Involuntary proceeding
26. 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.'
Civil liability
Limited jurisdiction
Equal Pay Act (EPA)
Partial or trivial breach
27. 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
Exchange Act Regulations
Affirm or disaffirm
Total breach
Process of appealing a case through the three levels of court
28. 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
Implied contract
Sherman Act
Secured transaction
Equal Employment Opportunity Commission (EEOC)
29. 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)
Statute of limitations
Termination of an invitation to make an offer
Group boycotts
Involuntary proceeding
30. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Unconscionability
Verdict
Section 12 (a)(1) of the Securities Act
Bona fide occupational qualification
31. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Pleadings
Tie-in agreement
Rule 506 of Regulation D of the Securities Act
Quasi-suspect classification
32. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Mutual mistake
Bilateral contract
Foreign Corrupt Practices Act
Employee-at-will
33. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Breach
Unsecured creditor
Equal Pay Act (EPA)
'Quid pro quo'
34. The promisor's failure to perform in accordance with the terms of the contract
Exempt securities and transactions
Motion of directed verdict or of dismissal
Revocation
Breach
35. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Securities and Exchange Commission
Title VII of the Civil Rights Act of 1964
Motion for a more definitive statement
Bona fide occupational qualification
36. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Misrepresentation
Summons
Fair Debt Collection Act
Federal question jurisdiction
37. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Lien
Changed circumstances that allow a party to be excused from performance under the contract
Duties that cannot be delegated
Complete or total integration
38. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Defined contribution plan
'meeting of the minds'
Quasi-contract
Satisfaction
39. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Section 12(a)(2)
Objective standard
Process of assignment
Deontological
40. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Option contract
National Institute for Occupational Health
Clayton Act
Duties that cannot be delegated
41. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Affirmative defenses
Criminal Law
Preponderance of evidence
Unjust enrichment
42. The documents that parties file in connection with their lawsuit
Misrepresentation
Unilateral contract
Foreign Sovereign Immunities Act
Pleadings
43. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Workers compensation laws
Other constituency statutes
Levels of courts
Effect of delegation
44. He has the enforceable right against the obligor because he is considered the real party interest.
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45. 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.
Bilateral contract
Rule 144 of the Securities Act
Revocability
'in pari delicto'
46. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Original jurisdiction
Trial court
Bargained-for-exchange
Fair Debt Collection Act
47. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Commercial speech
Multilateral treaties
Employee Retirement Income Security Act (ERISA)
Chapter 11 of the Code
48. 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
Content-neutral restrictions
Post-trial motions
Clean Air Act
Other constituency statutes
49. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Clean Water Act
Consideration
Diversity jurisdiction
Economic waste
50. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Offer
Appellant
Revocation
Unsecured creditor