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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. 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
'due process'
Process of appealing a case through the three levels of court
Rule 506 of Regulation D of the Securities Act
Perfected
2. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Section 701 of the Securities Act
Supervening illegality
National Institute for Occupational Health
8-K
3. The person who assigns her rights
Affirmative defenses
Obligee
National Treatment
Equity of redemption
4. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Who is liable
Other constituency statutes
Regulation D of the Securities Act
Bureau of Consumer Protection
5. The exchange of promises or an exchange of a promise for a performance.
Quasi-suspect classification
Per se
Bargained-for-exchange
Vesting of beneficiary's rights
6. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Unilateral rescission
Occupational Safety and Health Administration (OSHA)
Accredited investor
Subject matter jurisdiction
7. 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.
Liability based on intentional tort
Nonexpertized portions
National Institute for Occupational Health
Attorney/client privilege
8. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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9. The property that is the subject of a security interest
'meeting of the minds'
Collateral
Burden of proof
Remand
10. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Misrepresentation
Bilateral Investment Treaty program
Securities and Exchange Commission
Condition precedent
11. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Mutual assent
Criminal Trial
Rule 505 of Regulation D of the Securities Act
Clean Water Act
12. 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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13. 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.
Objective standard
Pre-existing duty
Federal Rules of Civil Procedures
Strict liability
14. When the debtor voluntarily initiates the bankruptcy proceedings
Statutory Seller
Consideration
Grand jury
Voluntarily proceeding
15. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Contract
Federal circuit court of appeals and the federal court of appeals
Product liability
Partial or trivial breach
16. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Mental incapacity
Duress
Express contract
Assignee
17. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Unilateral rescission
Affirmative defenses
Market division
Security interest
18. 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).
Intended beneficiary
Production quotas
Performance
Manufacturing defect
19. It regulates chemical substances
Toxic Substances Control Act
Ordinances
Mutual rescission
Quasi-suspect classification
20. It is an action to avoid unjust enrichment.
Petit jury
Sham consideration
Restitution
Defendant
21. The federal law that governs bankruptcy proceedings - which occur in federal bankruptcy court. A petition must be filed in the court. Bankruptcy helps eliminate or reduce debts. Once a bankruptcy proceeding is initiated - a creditor may not seek to c
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22. 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
Trademark
Concurrent conflict of interests
National Ambient Air Quality Standards
Common Law
23. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Equal Pay Act (EPA)
Sham consideration
Trust
Mutual rescission
24. The promisor's failure to perform in accordance with the terms of the contract
Illusory promise
The Environmental Quality Report
Breach
Fair Labor Standards Act (FLSA)
25. 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.'
'de nuvo'
Assignment of rights
Attachment
Other constituency statutes
26. 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
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Content-neutral restrictions
Defined contribution plan
Uniform Laws
27. The party that won in the previous court trial - but the other party is appealing the decision.
Inadequate warning defect`
Vertical agreements
Appellee or respondent
Sherman Act
28. 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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29. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Rational basis test
Trial court
A motion of summary judgement
Workers compensation laws
30. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
When an assignment becomes void
Consequential damages
Chapter 7 of the Code
Commercial speech
31. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Clean Air Act
Assignee's rights
The Council on Environmental Quality
Unilateral rescission
32. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Intended beneficiary
Content-neutral restrictions
Answer
Unilateral rescission
33. Punitive damage - non-economic damages - and attorneys' fees
Consumer protection
Consequentialism
Writ of certiorari
Non-recoverable damages
34. 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
Performance
Proxy
Intended beneficiaries of government contract
Companies that are subject to the exchange act (Reporting companies)
35. Ethical behavior in terms of its consequences ('the end justifies the means')
Changed circumstances that allow a party to be excused from performance under the contract
Consequentialism
Legal ethics
Performance
36. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Illusory promise
Superfund
Legal detriment
Offer
37. 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.
Securities Act
Judicial review
Misstatement or omission
Environmental Protection Agency (EPA)
38. A current report required by the Exchange Act
8-K
Employee Retirement Income Security Act (ERISA)
Writ of habeas corpus
Contract law
39. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Standing
Prospectus
Short swing profits
Investment contracts
40. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Multilateral treaties
Contract law
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Defined benefit plans
41. 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
Lanham Act
Complete or total integration
Counterclaims
Res ipsa loquitor
42. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Lien
Model Rules of Professional Conduct
General Agreement on Tariffs and Trades
Equal Employment Opportunity Commission (EEOC)
43. 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'.
Other constituency statutes
'Definite and certain'
Contract
Per se
44. 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
Intended beneficiaries of government contract
Supreme Court powers
Rules of interpretation of a contract by a court
Oral argument
45. Regulates the handling of the pesticides being exported from and imported into the U.S.
Breach
Federal Environmental Pesticide Control Act
The Statute of Frauds
Res judicata
46. 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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47. An exemption for certain small offerings
Regulation A of the Securities Act
Securities and Exchange Commission
Defined contribution plan
Creditor
48. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Toxic Substances Control Act
Fair Debt Collection Act
Federal question jurisdiction
Unconscionability
49. 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.'
Non-recoverable damages
Offer
Section 4 of the Securities Act
Short swing profits
50. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Regulation S of the Securities Act
When an assignment becomes void
Defenses against liability of misrepresentations or omissions
Materiality