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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. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Revocation
Third party beneficiary
Model Rules of Professional Conduct
Securities and Exchange Commission
2. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Public company
Creditor beneficiary
Termination of an invitation to make an offer
Common Law
3. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Obligor's rights
Inadequate warning defect`
Malpractice
National Labor Relations Act
4. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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5. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Mental incapacity
Sham consideration
Social entity or stakeholder theory of the corporation
Foreclosure
6. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Tender offers
Social Security Act
Securities Act Registration
Misappropriation theory
7. 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.'
Assignment of rights
Subjective intent
Undue influence
Bilateral Investment Treaty program
8. Regulates trusts and monopolies
Federal Trade Commission
Section 10(b) and Rule 10b-5 of the Exchange Act
Economic waste
Model Rules of Professional Conduct
9. When the jury retires to a separate room to decide the outcome of the case.
Duress
Procedural unconscionability
Deliberation
Rule 506 of Regulation D of the Securities Act
10. They represent the amount of money a party has spent in justifiable reliance on a contract.
Reliance damages
Unconscionability
Rule 147 of the Securities Act
Federal Trade Commission
11. 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
Clean Air Act
Performance
Counterclaims
National Environmental Policy Act (NEPA)
12. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Creditor
The Council on Environmental Quality
Uniform Laws
Remediation
13. Liability imposed on sellers and other for compensating people who have been injured as the result of defective product. Liability actions can be brought as tort or contract claims (breach of warranty).
Foreclosure
Employment discrimination
Product liability
Direct damages
14. 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
Retraction
Vesting of beneficiary's rights
Domicile
Excuse of condition
15. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Goods
Executed exchange
Informed consent
Section 4 of the Securities Act
16. Employers make payments to retired employees based on the length of their employment and the wages they received.
Commercial speech
Motion for a more definitive statement
Defined benefit plans
Levels of courts
17. 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.
Attorney/client privilege
Export Administration Act (EAA)
Taking a contract 'out of the Statute of Frauds'
Equal Credit Opportunity Act
18. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Securities
Fair Labor Standards Act (FLSA)
Federal Information Act
Foreign Corrupt Practices Act
19. 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.
Quasi-contract
Indictment
Effect of delegation
Accredited investor
20. The documents that parties file in connection with their lawsuit
Creditor beneficiary
Pleadings
Toxic Substances Control Act
Contract with intoxicated persons
21. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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22. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Sham consideration
Charitable contributions
Export Administration Regulations (EAR)
Offer
23. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Reliance
Appellate jurisdiction
Exclusive dealing agreement
Any statutory seller
24. 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
Deliberation
Donee beneficiary
Criminal Law
25. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Obligor
Expropriation
Federal Trade Commission (FTC)
Intended beneficiaries of government contract
26. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Strict liability
Donee beneficiary
Foreign Corrupt Practices Act
Hung jury
27. One of the primary federal federal statutes
Delegation
Securities Act
Condition
Tender offers
28. 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.
Federal Rules of Civil Procedures
Deliberation
Civil liability
Investment contracts
29. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Contracts that prohibit assignment
Incidental beneficiary
Automatic stay
Commercial speech
30. 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
Total breach
Inadequate warning defect`
Option contract
Lanham Act
31. 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 -
Restatement (Second) of Contracts
Sherman Act
Gratuitous assignment
Defendant
32. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Employment discrimination
Specific performance
Chapter 13 of the Code
33. 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
Rule 12b (6) motion
Federal Environmental Pesticide Control Act
Commencing a lawsuit
Malpractice
34. 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
Federal district court
Remand
Intended beneficiaries of government contract
Rule 505 of Regulation D of the Securities Act
35. 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
Bureau of Consumer Protection
Sham consideration
Prospectus
Process of appealing a case through the three levels of court
36. 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
Contract law
Securities Act
Employee Retirement Income Security Act (ERISA)
Defendant
37. 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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38. 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
Regulation S of the Securities Act
Gramm-Leach-Bliley Act
Reporting company
Involuntary proceeding
39. 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
Tender offers
Suspect classification
Bilateral Investment Treaty program
Burden of proof
40. 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.
Stare decisis
Implied terms
Petit jury
Penalty
41. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
National Ambient Air Quality Standards
Toxic Substances Control Act
Trust
Judgment n.o.v.
42. Offering made to purchase all or a portion of the shares of a specific company
Tender offers
Levels of courts
Environmental Protection Agency (EPA)
Exclusive dealing agreement
43. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Superfund
Trial court
Criminal Law
Equal Pay Act (EPA)
44. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Social Security Act
'Past consideration'
Securities Act
Specialized federal courts
45. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Criminal Trial
Foreign Sovereign Immunities Act
Pre-existing duty
Charitable contributions
46. Claims that the defendant has against the plaintiff
Civil Law
Public company
'Definite and certain'
Counterclaims
47. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Liability based on intentional tort
Occupational Safety and Health Act
Expropriation
Securities and Exchange Commission
48. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Group boycotts
Federal Insurance Contributions Act
Excuse of condition
Consequentialism
49. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Delegation
Implied terms
Securities Act Registration
Procedural unconscionability
50. 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)
Security agreement
Assignee
Deontological
Tie-in agreement