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Test your basic knowledge |
CLEP Introductory Business Law
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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. An exemption for certain small offerings
Employee-at-will
Per se
Jurisdiction
Regulation A of the Securities Act
2. A condition that occurs at the same time as performance
Chapter 7 of the Code
Condition concurrent
Implied terms
Expectation damages (also known as the 'benefit of the bargain')
3. A condition that cuts off a pre-existing duty
'Mailbox' rule
Chapter 13 of the Code
Sham consideration
Condition subsequent
4. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Proxy
Uniform Commercial Code ('UCC')
Contracts that prohibit assignment
Non-recoverable damages
5. Actual performance of an obligation
Defendant
Satisfaction
Foreign Corrupt Practices Act
Organization for Economic Co-operation and Development (OECD)
6. 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.
Express contract
Federal Insurance Contributions Act
Substitutes of consideration
Rule 144 of the Securities Act
7. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Charitable contributions
Nonexpertized portions
Substitutes of consideration
Tie-in agreement
8. Prohibit discrimination based on pregnancy or childbirth
Material breach
Pregnancy Discrimination ACt
Liability based on intentional tort
Collateral
9. 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).
Private placement
Manufacturing defect
Motion for a more definitive statement
Revocability
10. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Supreme Court powers
Criminal Trial
Equal Pay Act (EPA)
Excuse of condition
11. One of the primary federal federal statutes
Promisee's rights
Excuse of condition
Direct damages
Securities Act
12. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Defined benefit plans
Levels of courts
Option contract
Consequential damages
13. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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14. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Token consideration
Attachment
Bilateral investment treaties
Plaintiff
15. A party's damage award will be reduced by any loss he did or could have avoided.
Investment contracts
Misrepresentation
Retraction
Duty to mitigate
16. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
When an assignment becomes void
Condition subsequent
Personal jurisdiction
Assignment of rights
17. 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'.
Obligor
Title VII of the Civil Rights Act of 1964
Trust
Preponderance of evidence
18. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Discharge of contract
Section 5 of the Securities Act
Accredited investor
Res judicata
19. 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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20. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Commercial speech
Adhesion
Trademark
Appellant
21. The written set of charges against the defendant - which is presented to a grand jury.
Rule 147 of the Securities Act
Indictment
Federal Trade Commission (FTC)
Diminution in value
22. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Remand
Regulation D of the Securities Act
Shareholder primacy
10-K
23. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Subject matter jurisdiction
Bureau of Customs and Border Protection
Strict liability
Illusory promise
24. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Clayton Act
Automatic stay
Consideration
Quasi-suspect classification
25. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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26. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
National Institute for Occupational Health
Administrative law judges
Writ of certiorari
Negative causation
27. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Summons
Social Security Act
Restatement (Second) of Contracts
Mistake
28. 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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29. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Prospectus
Private placement
Satisfaction
Answer
30. A promise that is inferred from a person's conduct or the circumstances of the transaction
Implied contract
Writ of habeas corpus
National Treatment
Regulation S of the Securities Act
31. Laws that states have passed that aim at regulating securities transactions within their states.
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32. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Restatement (Second) of Contracts
Res judicata
Priority of secured transactions
Occupational Safety and Health Administration (OSHA)
33. The promisor's failure to perform in accordance with the terms of the contract
Preponderance of evidence
Mortgage
Breach
Executed exchange
34. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Trust
Restatement (Second) of Contracts
National Ambient Air Quality Standards
Section 4 of the Securities Act
35. 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.
Section 4 of the Securities Act
Restitution and rescission
'Takings'
Mutual assent
36. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Section 701 of the Securities Act
Writ of habeas corpus
Environmental Protection Agency
Civil Law
37. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Executed exchange
Defendant
Novation
'Infants' or 'minors'
38. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Writ of certiorari
'de nuvo'
Strict liability
Duties that cannot be delegated
39. 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
Administrative Procedure Act
Creditor beneficiary
Limited jurisdiction
Federal Trade Commission
40. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Summons
Americans with Disabilities Act (ADA)
Occupational Safety and Health Act
Pretexting
41. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Motion of directed verdict or of dismissal
Section 4 of the Securities Act
National Ambient Air Quality Standards
Satisfaction
42. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Mortgage
Pretexting
Substitutes of consideration
Equity of redemption
43. 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
Gratuitous assignment
Hung jury
National Labor Relations Act
When an assignment becomes void
44. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Section 7A of the Clayton Act
Section 12 (a)(1) of the Securities Act
Changed circumstances that allow a party to be excused from performance under the contract
Pension Benefit Guaranty Corporation (PBGC)
45. 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
Horizontal agreement
Pleadings
Equal Pay Act (EPA)
Injunction
46. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Mutual rescission
Proxy
Rule 12b (6) motion
Exempt securities and transactions
47. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
A motion of summary judgement
Involuntary proceeding
Rule 505 of Regulation D of the Securities Act
Judicial review
48. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Foreclosure
Superfund
Hung jury
Pleadings
49. Defenses that would prevent the plaintiff from holding the defendant liable
Vesting of beneficiary's rights
Subjective intent
Affirmative defenses
Reliance damages
50. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
'de nuvo'
'Takings'
Economic waste
Mutual mistake
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