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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.
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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 event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Regulation S of the Securities Act
Condition
Informed consent
Bilateral contract
2. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Commercial speech
Group boycotts
Fair Debt Collection Act
Substitutes of consideration
3. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Remand
Expertised portion
Bilateral investment treaties
Preponderance of evidence
4. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
'Definite and certain'
Contract with intoxicated persons
Unsecured creditor
Statutory Seller
5. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Supreme Court powers
Hung jury
Restatement (Second) of Contracts
Exempt securities and transactions
6. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Illusory promise
Design defect
Section 10(b) and Rule 10b-5 of the Exchange Act
Diversity jurisdiction
7. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Control persons
Examples of Uniform Laws
Section 10(b) and Rule 10b-5 of the Exchange Act
Demurrer
8. A distinct mark or symbol that identifies a business and its products
Bilateral contract
National Treatment
National Labor Relations Board
Trademark
9. Regulates the handling of the pesticides being exported from and imported into the U.S.
The Social Security Administration
Secured transaction
Federal Environmental Pesticide Control Act
Securities Exchange Act of 1934
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
Chapter 7 of the Code
Stare decisis
Federal Rules of Civil Procedures
Clayton Act
11. An exemption for transactions involving offerings to employees.
General jurisdiction
Section 701 of the Securities Act
Reliance
Attachment
12. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Organization for Economic Co-operation and Development (OECD)
Environmental Protection Agency (EPA)
Occupational Safety and Health Act
Chapter 11 of the Code
13. When a written contract represents a full - final - and complete record of the parties' agreement. In this case - parol evidence in inadmissible.
Who is liable
Civil Law
Implied contract
Complete or total integration
14. A creditor that does not have a security interest in any of the debtor's property or assets.
Discharge of contract
Discovery
Commencing a lawsuit
Unsecured creditor
15. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Contract with intoxicated persons
Specialized federal courts
Social Security Act
Design defect
16. The obligation to establish his claims first
Duress
Equal Pay Act (EPA)
Burden of proof
'Blue sky' laws
17. Place of permanent residence
Delegation
Domicile
Supreme Court powers
Tender offers
18. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Quasi-contract
Novation
A motion of summary judgement
Uniform Laws
19. 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).
Securities Act Registration
Res ipsa loquitor
Promisee's rights
Manufacturing defect
20. 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 -
Specific performance
Section 11 of the Securities Act
Lien
Gratuitous assignment
21. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Liquidated damages clause
Employee-at-will
Motion of directed verdict or of dismissal
Trial court
22. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Condition concurrent
Section 10(b) and Rule 10b-5 of the Exchange Act
Fraud
Burden of proof
23. 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.
Prospectus
Federal Rules of Civil Procedures
Perfected
Companies that are subject to the exchange act (Reporting companies)
24. 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.
Strict liability
Federal district court
When an assignment becomes void
Mutual assent
25. 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
Equal protection
Truth in Lending Act
Personal jurisdiction
10-K
26. The exchange of promises or an exchange of a promise for a performance.
Manufacturing defect
Bargained-for-exchange
Pre-existing duty
Counteroffer
27. 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.
Effect of delegation
Counterclaims
Investment contracts
Restitution
28. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Utilitarianism
Preponderance of evidence
Contract with intoxicated persons
Substantive unconscionability
29. Both a rejection and termination of the original offer.
Preponderance of evidence
Counteroffer
Penalty
Securities Act Registration
30. 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
Express contract
Discharge of contract
'Mirror image' rule
National Labor Relations Act
31. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Vesting of beneficiary's rights
Group boycotts
Specialized federal courts
Criminal Law
32. The difference between the value of the property as substantially complete and the value of the property upon full performance
Rule 504 of Regulation D of the Securities Act
Diminution in value
Statute of limitations
Section 11 of the Securities Act
33. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Administrative law judges
Mutual mistake
Goods
Performance
34. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Expertised portion
Civil Law
Bilateral Investment Treaty program
Prosecution
35. The property that is the subject of a security interest
Collateral
Statute of limitations
Lanham Act
National Institute for Occupational Health
36. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Obligor
Condition subsequent
Material breach
Specific performance
37. The party seeking to appeal the previous court's decision
Prospectus
Appellant
'clear and present'
Occupational Safety and Health Administration (OSHA)
38. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Charitable contributions
Environmental Protection Agency (EPA)
Clayton Act
Non-recoverable damages
39. A party's damage award will be reduced by any loss he did or could have avoided.
Duty to mitigate
Exclusive distributor agreements
Securities
Examples of Uniform Laws
40. 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)
National Environmental Policy Act (NEPA)
Rules of interpretation of a contract by a court
Condition concurrent
41. The first court to consider an action
Contract
Pregnancy Discrimination ACt
Original jurisdiction
Equal Pay Act (EPA)
42. Regulates trusts and monopolies
Federal Trade Commission (FTC)
Incidental beneficiary
Original jurisdiction
Federal Trade Commission
43. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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44. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Secured transaction
Grand jury
Petit jury
Any statutory seller
45. A situation where one person unfairly benefits from a transaction
Duty to mitigate
Consequential damages
Unjust enrichment
Obligor
46. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Statute of limitations
'Mirror image' rule
Collateral
Implied terms
47. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Contracts that prohibit assignment
A motion of summary judgement
National Treatment
'due process'
48. 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
Implied terms
Occupational Safety and Health Administration (OSHA)
Indictment
'Infants' or 'minors'
49. 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
Material breach
Clean Water Act
Fair Labor Standards Act (FLSA)
Foreign Sovereign Immunities Act
50. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Corporate social responsibility
Securities Act
Retraction
Exchange Act Regulations
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