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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 transactions involving offerings to employees.
Gramm-Leach-Bliley Act
Section 701 of the Securities Act
Affirmative defenses
Unjust enrichment
2. When a control makes a profit purchasing and selling her shares within a six-month period
'meeting of the minds'
Foreign Sovereign Immunities Act
Short swing profits
Motion of directed verdict or of dismissal
3. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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4. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Satisfaction
Summons
Unilateral mistake
Appellate jurisdiction
5. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Securities Exchange Act of 1934
Monopoly
Penalty
Consumer protection
6. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Quasi-suspect classification
Creditor
Regulation D of the Securities Act
Plaintiff
7. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Oral argument
Bureau of Consumer Protection
Affirmative defenses
Unemployment compensation laws
8. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Economic waste
Performance
Process of assignment
Equity of redemption
9. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Motion for a more definitive statement
Automatic stay
Diversity jurisdiction
Substantial performance
10. A condition that occurs at the same time as performance
Condition concurrent
Goods
Expertised portion
Section 5 of the Securities Act
11. An intent to deceive or defraud
Motion for a more definitive statement
Scienter
Executed exchange
Criminal Trial
12. A person who is not an intended beneficiary
Legal ethics
Contract law
Chapter 7 of the Code
Incidental beneficiary
13. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Automatic stay
Fair Debt Collection Act
Resource Conservation and Recovery Act
Charitable contributions
14. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Deliberation
Assignment of rights
Commencing a lawsuit
Appellee or respondent
15. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Social Security Act
Penalty
Concurrent conflict of interests
Proxy
16. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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17. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
United States Bankruptcy Code ('Code')
'Takings'
Unilateral contract
Consideration
18. They represent losses that result from other transactions that are dependent upon the breached contract
Fair Labor Standards Act (FLSA)
Consequential damages
Bilateral contract
Occupational Safety and Health Administration (OSHA)
19. Misrepresentation that was made with intent
Federal Communications Commission
Res judicata
Vesting of beneficiary's rights
Fraud
20. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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21. 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
The Statute of Frauds
Investment contracts
Clean Air Act
Accredited investor
22. 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.
Prosecution
Section 10(b) and Rule 10b-5 of the Exchange Act
Restitution and rescission
Americans with Disabilities Act (ADA)
23. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Criminal Law
Superfund
Specific performance
Precedent
24. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Fair Labor Standards Act (FLSA)
Counteroffer
Rule 12b (6) motion
Affirm or disaffirm
25. When the debtor voluntarily initiates the bankruptcy proceedings
Burden of proof
Complete or total integration
Unjust enrichment
Voluntarily proceeding
26. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Administrative Procedure Act
Gramm-Leach-Bliley Act
Criminal Law
Monopoly
27. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Third party beneficiary
Revocability
'due process'
Social Security Act
28. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Legal capacity
Equal Employment Opportunity Commission (EEOC)
Foreclosure
Rules of construction
29. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Foreign Corrupt Practices Act
Illusory promise
Automatic stay
30. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Who is liable
Prosecution
Assignor
Restatement (Second) of Contracts
31. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Federal question jurisdiction
Restatement (Second) of Contracts
Reporting company
Contract
32. The property that is the subject of a security interest
Private placement
Restitution
Collateral
Section 12(a)(2)
33. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Clean Air Act
Securities
Restatement (Second) of Contracts
Mental incapacity
34. 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
Investment contracts
Stare decisis
Federal Environmental Pesticide Control Act
35. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Trial court
Civil Law or Code Law
Federal Environmental Pesticide Control Act
Export Administration Regulations (EAR)
36. 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
Resource Conservation and Recovery Act
Foreign Corrupt Practices Act
Material breach
Judicial review
37. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Securities and Exchange Commission
Equal protection
'Quid pro quo'
Employment law
38. 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.
General Agreement on Tariffs and Trades
Horizontal agreement
Who is liable
Discovery
39. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Section 5 of the Securities Act
Commencing a lawsuit
Equal Pay Act (EPA)
Assignee's rights
40. Seeks to promote market economics and democratic governments
Grand jury
Organization for Economic Co-operation and Development (OECD)
'Blue sky' laws
Occupational Safety and Health Administration (OSHA)
41. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Rule 504 of Regulation D of the Securities Act
Truth in Lending Act
Taking a contract 'out of the Statute of Frauds'
Federal Communications Commission
42. Employers make payments to retired employees based on the length of their employment and the wages they received.
Defined benefit plans
'in pari delicto'
Consumer protection
Scienter
43. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Section 11 of the Securities Act
8-K
Appellee or respondent
Attorney/client privilege
44. 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
Quasi-suspect classification
Condition subsequent
Motion for a more definitive statement
45. Defenses that would prevent the plaintiff from holding the defendant liable
Contract
Affirmative defenses
Goods
Commencing a lawsuit
46. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Implied terms
Trust
Delegation
Accord
47. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Option contract
Equal Credit Opportunity Act
Model Rules of Professional Conduct
Res ipsa loquitor
48. The obligation to establish his claims first
Per se
Supervening illegality
Misrepresentation
Burden of proof
49. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Sherman Act
Pregnancy Discrimination ACt
Delegation
Condition subsequent
50. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Trust
Tender offers
Novation
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