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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. When there is no bargained-for exchange - because there is no exchange.
Gift
Truth in Lending Act
Model Rules of Professional Conduct
Section 11 of the Securities Act
2. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Unilateral mistake
Securities Exchange Act of 1934
Truth in Lending Act
Supervening illegality
3. 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
Exclusive dealing agreement
Public company
Rule 144 of the Securities Act
Equity of redemption
4. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Precedent
Public company
Negative causation
Remand
5. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Federal Information Act
Complete or total integration
Obligor
Obligor's rights
6. The written set of charges against the defendant - which is presented to a grand jury.
Proxy
Indictment
General Agreement on Tariffs and Trades
Federal Insurance Contributions Act
7. Whether or not the promisee can bring an action against the promisor depends upon the status of the beneficiary. If the promisor fails to perform his obligations owed to a creditor beneficiary - the promisee can either compel the promisor to render s
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8. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Prospectus
National Environmental Policy Act (NEPA)
Bilateral Investment Treaty program
Utilitarianism
9. The obligation to establish his claims first
Condition
Burden of proof
Rules of construction
Contract
10. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Inadequate warning defect`
Standing
Federal Environmental Pesticide Control Act
'meeting of the minds'
11. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
10-Q
Specialized federal courts
Motion to strike
12. The person being sued
General jurisdiction
Defendant
Bureau of Consumer Protection
The Statute of Frauds
13. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Mortgage
Attachment
Securities Exchange Act of 1934
Total breach
14. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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15. 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.
Domicile
8-K
Administrative law judges
Who is liable
16. One party made a mistake - the mistake concerns a basic assumption on which the contract was made that has a material impact on performance - the party seeking to avoid performance has not assumed the risk of the mistake - and equities favor avoidanc
Res judicata
Subject matter jurisdiction
Unilateral mistake
Implied terms
17. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Export Administration Regulations (EAR)
Termination of an invitation to make an offer
Bona fide occupational qualification
Objective standard
18. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Expectation damages (also known as the 'benefit of the bargain')
Accord
Penalty
General Agreement on Tariffs and Trades
19. 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
Appellate jurisdiction
Legal detriment
Section 701 of the Securities Act
United States Bankruptcy Code ('Code')
20. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Assignee's rights
Res judicata
Federal Rules of Civil Procedures
Duress
21. Oversees the purchase and sale of securities
Control persons
Securities and Exchange Commission
'Takings'
Trademark
22. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Non-recoverable damages
Contracts that prohibit assignment
Federal circuit court of appeals and the federal court of appeals
Limited jurisdiction
23. 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
Adhesion
Commercial speech
Goods
Obligor
24. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Regulation S of the Securities Act
Fair Credit Reporting Act
Export Administration Act (EAA)
Foreign Corrupt Practices Act
25. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Equity of redemption
Commercial speech
Pretexting
Concurrent conflict of interests
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
Third party beneficiary
Gramm-Leach-Bliley Act
Secured transaction
Mutual assent
27. The person who assigns her rights
Res judicata
Condition subsequent
Examples of Uniform Laws
Obligee
28. A condition that cuts off a pre-existing duty
Any statutory seller
Affirmative defenses
Condition subsequent
Exchange Act Regulations
29. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Enabling acts
Contracts that prohibit assignment
Commencing a lawsuit
Creditor beneficiary
30. When the jury retires to a separate room to decide the outcome of the case.
Specialized federal courts
Deliberation
Secured transaction
Appellate jurisdiction
31. Prohibits institutions from discrimination related to credit applications
Equal Credit Opportunity Act
Charitable contributions
Donee beneficiary
Deliberation
32. 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.
Penalty
Securities
Substantial performance
National Labor Relations Act
33. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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34. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
National Labor Relations Act
Nonexpertized portions
Section 4 of the Securities Act
Consequentialism
35. 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
Securities Exchange Act of 1934
Exclusive dealing agreement
Chapter 7 of the Code
Unsecured creditor
36. Employers make payments to retired employees based on the length of their employment and the wages they received.
Counteroffer
Defined benefit plans
Joint obligation
Diversity jurisdiction
37. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Regulation S of the Securities Act
Gratuitous assignment
Rule 12b (6) motion
Strict liability
38. 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
Legal detriment
Post-trial motions
Demurrer
Resource Conservation and Recovery Act
39. Prevents discrimination against employees who are 40years old or more
Charitable contributions
Promise
Age Discrimination in Employment Act (ADEA)
'de nuvo'
40. A current report required by the Exchange Act
Reliance
Rules of construction
Other constituency statutes
8-K
41. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Social Security Act
Personal jurisdiction
Limited jurisdiction
Tie-in agreement
42. Place of permanent residence
Expectation damages (also known as the 'benefit of the bargain')
Domicile
Restatement (Second) of Contracts
Civil Law or Code Law
43. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Objective standard
Employee Retirement Income Security Act (ERISA)
Bilateral investment treaties
Model Rules of Professional Conduct
44. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
The Council on Environmental Quality
Social entity or stakeholder theory of the corporation
Obligor
Securities Exchange Act of 1934
45. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Equal Pay Act (EPA)
Bona fide occupational qualification
Chapter 13 of the Code
Federal Trade Commission (FTC)
46. The creditor's right to take possession of the property is called foreclosure
Section 12 (a)(1) of the Securities Act
Workers compensation laws
Motion for a more definitive statement
Foreclosure
47. An exemption for certain small offerings
Regulation A of the Securities Act
Goods
Regulation S of the Securities Act
A motion of summary judgement
48. A perfected security interest takes priority over unperfected security interest. While the first person to file his security interest has priority. If neither party perfected by filing - then the first person to perfect her security interest has prio
Priority of secured transactions
Securities
National Labor Relations Act
Appellee or respondent
49. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Sham consideration
Economic waste
Lien
Equal Credit Opportunity Act
50. 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
'due process'
Gramm-Leach-Bliley Act
Contract law
Quasi-suspect classification
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