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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. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Attachment
Adhesion
Deontological
Assignee's rights
2. 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
Trademark
Accord
Delegation
Environmental Protection Agency (EPA)
3. 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
Rule 147 of the Securities Act
Unilateral contract
Promise
Delegation
4. An exemption for securities sold outside of the U.S.
Specific performance
Regulation S of the Securities Act
Security agreement
Bureau of Customs and Border Protection
5. Treaties between two nations addressing investment concerns
Appellee or respondent
Section 12(a)(2)
Assignment of rights
Bilateral investment treaties
6. The creditor's security interest in real property
Promise
Mortgage
Contract law
Assignee's rights
7. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Occupational Safety and Health Administration (OSHA)
Regulation D of the Securities Act
Unjust enrichment
Oral argument
8. 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
Motion
10-K
Federal district court
9. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Clean Water Act
Subjective intent
Obligee
Total breach
10. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Misappropriation theory
Chapter 7 of the Code
Implied contracts
Bona fide occupational qualification
11. Not discriminating against foreign product - thereby treating all products within their border equally
National Treatment
Multilateral treaties
Condition precedent
Partial or trivial breach
12. Both a rejection and termination of the original offer.
Creditor beneficiary
Counteroffer
Production quotas
Attorney/client privilege
13. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Offer
Export Administration Regulations (EAR)
Satisfaction
Direct damages
14. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Accord
Perfected
Offer
Economic waste
15. 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
Accredited investor
Substitutes of consideration
Personal jurisdiction
Materiality
16. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
Section 5 of the Securities Act
Restatement (Second) of Contracts
Social Security Administration
17. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Gift
Pregnancy Discrimination ACt
Examples of Uniform Laws
Reliance
18. 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.
Promisee's rights
Parol Evidence Rule
Vertical agreements
Legal ethics
19. 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
Procedural unconscionability
Personal jurisdiction
Secured transaction
20. The right to hold a security interest on a debtor's property.
Mutual rescission
'in pari delicto'
Lien
National Treatment
21. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
'de nuvo'
Equal Credit Opportunity Act
Incidental beneficiary
Penalty
22. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Res ipsa loquitor
Tender offers
Clean Air Act
Equal protection
23. Oversees the purchase and sale of securities
Fraud
Incidental beneficiary
Subjective intent
Securities and Exchange Commission
24. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Reliance
Involuntary proceeding
Bilateral treaties
25. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Foreign Sovereign Immunities Act
Illusory promise
Rule 147 of the Securities Act
Unemployment compensation laws
26. It is a pre-trial motion to take out certain matters
Trust
Scienter
Motion to strike
Restatement (Second) of Contracts
27. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
'Quid pro quo'
Short swing profits
Section 11 of the Securities Act
Mental incapacity
28. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Section 12 (a)(1) of the Securities Act
Mutual mistake
Prosecution
Regulation D of the Securities Act
29. The power of attorney document given by shareholders of a corporation authorizing a specific vote on their behalf at a corporate meeting
Subject matter jurisdiction
Proxy
Implied contract
Control persons
30. These are approximate damages to show the necessary amount to compensate the party if the breach had not occurred and the contract has been fully performed. Expectation damages are comprise of direct and consequential damages.
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31. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Precedent
A motion of summary judgement
Concurrent conflict of interests
Employment law
32. 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
'Takings'
Securities Exchange Act of 1934
National Labor Relations Act
Burden of proof
33. Misrepresentation that was made with intent
Fair Labor Standards Act (FLSA)
Fraud
Illusory promise
Security interest
34. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Satisfaction
Commencing a lawsuit
Lien
Market division
35. Claims that the defendant has against the plaintiff
Attachment
Superfund
Exchange Act Regulations
Counterclaims
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. The person who is bringing the suit
Fair Credit Reporting Act
Duties that cannot be delegated
Plaintiff
Employee-at-will
38. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Levels of courts
Subjective intent
Reliance damages
Penalty
39. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Collateral
Mutual rescission
Assignment of rights
Demand assurance
40. 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.
Equal Employment Opportunity Commission (EEOC)
10-Q
Any statutory seller
Accredited investor
41. 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
Rule 506 of Regulation D of the Securities Act
Americans with Disabilities Act (ADA)
Fraud
Clean Air Act
42. 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.
Any statutory seller
Misstatement or omission
Penalty
Treaties authority
43. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Gramm-Leach-Bliley Act
Mortgage
National Institute for Occupational Health
Novation
44. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Uniform Laws
'Quid pro quo'
Securities
45. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Total breach
Intended beneficiaries of government contract
Assignee's rights
Fair Labor Standards Act (FLSA)
46. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
'Mirror image' rule
Rules of construction
Exempt securities and transactions
Organization for Economic Co-operation and Development (OECD)
47. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Specific performance
Common Law
Performance
Automatic stay
48. The difference between the value of the property as substantially complete and the value of the property upon full performance
Expertised portion
Diminution in value
Contracts that prohibit assignment
Rule 144 of the Securities Act
49. The property that is the subject of a security interest
Collateral
Incidental beneficiary
Non-recoverable damages
Utilitarianism
50. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Informed consent
Subjective intent
Restatement (Second) of Contracts
Effect of delegation