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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. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Adhesion
Token consideration
Employment law
Clayton Act
2. 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.
Partial or trivial breach
Defenses against liability of misrepresentations or omissions
Attorney/client privilege
Private placement
3. 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
Americans with Disabilities Act (ADA)
Domicile
Revocation
Any statutory seller
4. When the debtor voluntarily initiates the bankruptcy proceedings
Performance
Parol Evidence Rule
Voluntarily proceeding
Option contract
5. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Securities Exchange Act of 1934
Fair Credit Reporting Act
Creditor
6. Regulates the handling of the pesticides being exported from and imported into the U.S.
Administrative Procedure Act
Federal Environmental Pesticide Control Act
Substantial performance
Perfected
7. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
National Environmental Policy Act (NEPA)
Foreign Sovereign Immunities Act
Misstatement or omission
8. Obtaining consumer's private financial information under false pretenses
Suspect classification
Bona fide occupational qualification
Pretexting
Who is liable
9. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Involuntary proceeding
Federal Information Act
Strict liability
Bargained-for-exchange
10. An exemption for certain small offerings
Occupational Safety and Health Administration (OSHA)
Section 4 of the Securities Act
Regulation A of the Securities Act
Writ of habeas corpus
11. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Toxic Substances Control Act
Motion to strike
Public company
Answer
12. 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.
Federal Communications Commission
Procedural unconscionability
Securities Act Registration
Corporate social responsibility
13. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Condition
Resource Conservation and Recovery Act
Reliance damages
Age Discrimination in Employment Act (ADEA)
14. Torts and contracts... represents law that regulates the relationships between parties.
'clear and present'
Civil Law
Sherman Act
Collateral
15. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Employee-at-will
Restitution
Model Rules of Professional Conduct
Section 12(a)(2)
16. 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.
Investment contracts
Duties that cannot be delegated
Diversity jurisdiction
Rule 12b (6) motion
17. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Diminution in value
National Institute for Occupational Health
Civil Law or Code Law
Executed exchange
18. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Consequential damages
Creditor
Exchange Act Regulations
Res ipsa loquitor
19. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Equal Credit Opportunity Act
Employment law
Misstatement or omission
Pleadings
20. 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
Creditor
Environmental Protection Agency (EPA)
Breach
Proxy
21. 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.
Sham consideration
Control persons
Reporting company
Toxic Substances Control Act
22. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Affirmative defenses
Process of assignment
Goods
Clayton Act
23. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Token consideration
Uniform Laws
Duties that cannot be delegated
Exempt securities and transactions
24. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Material breach
Supreme Court powers
Condition
Treaties authority
25. When there is no bargained-for exchange - because there is no exchange.
Short swing profits
Bargained-for-exchange
Gift
Executed exchange
26. The person who is bringing the suit
Plaintiff
Section 701 of the Securities Act
Donee beneficiary
Restitution and rescission
27. 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
Securities Act Registration
Obligor's rights
Pre-existing duty
28. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Horizontal agreement
Companies that are subject to the exchange act (Reporting companies)
Civil Law or Code Law
Injunction
29. Regulates radio - television - and other forms of interstate communications
Intended beneficiary
Federal Communications Commission
'in pari delicto'
'clear and present'
30. Laws created by city councils or county boards - aimed at local matters
Equity of redemption
Ordinances
Retraction
Equal Credit Opportunity Act
31. When a party unlawfully indicate that he will not perform when the performance is due.
Gift
The Environmental Quality Report
Option contract
Anticipatory repudiation
32. The defendant intended the product to cause harm or know that it was likely to occur. The defendant's conduct fell below the appropriate standard of care. Qualifies as negligence - because the defendant is a supplier because he has a duty. The defend
Motion
Liability based on intentional tort
Defined benefit plans
Security interest
33. 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
Equal Pay Act (EPA)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
National Labor Relations Board
Federal Trade Commission
34. 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 -
Levels of courts
'Ffour corners'
Supreme Court powers
Equal Pay Act (EPA)
35. The obligee who officially assigned over his rights
Domicile
Assignor
Export Administration Act (EAA)
'Infants' or 'minors'
36. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Injunction
Stare decisis
Diversity jurisdiction
Equal Credit Opportunity Act
37. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Bilateral investment treaties
Consequentialism
Deontological
Manufacturing defect
38. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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39. 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
'Definite and certain'
Rule 505 of Regulation D of the Securities Act
'Blue sky' laws
40. The obligation to establish his claims first
Federal Trade Commission
Prosecution
Foreign Sovereign Immunities Act
Burden of proof
41. A condition that cuts off a pre-existing duty
Rules of construction
Clean Air Act
Condition subsequent
Securities
42. 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
Regulation A of the Securities Act
Parol Evidence Rule
Rules of construction
43. A misrepresentation made with knowledge of its inaccuracy
'de nuvo'
Economic waste
Vertical agreements
Scienter
44. 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.
Specific performance
Design defect
Gratuitous assignment
Original jurisdiction
45. 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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46. 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
Answer
Exclusive dealing agreement
Fair Labor Standards Act (FLSA)
47. 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
Verdict
Mental incapacity
Diversity jurisdiction
The Statute of Frauds
48. Laws that states have passed that aim at regulating securities transactions within their states.
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49. Discrimination based on race or sex
Beneficiary's rights
Defendant
Clayton Act
Employment discrimination
50. Claims that the defendant has against the plaintiff
Counterclaims
Private placement
Other constituency statutes
Joint obligation