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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. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Federal circuit court of appeals and the federal court of appeals
Limited jurisdiction
Effect of delegation
Deontological
2. Treaties between two nations addressing investment concerns
Answer
Section 10(b) and Rule 10b-5 of the Exchange Act
Bilateral investment treaties
Defined contribution plan
3. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Excuse of condition
Creditor beneficiary
Injunction
Writ of habeas corpus
4. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
'Takings'
Lanham Act
Automatic stay
Delegation
5. 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.
Appellant
Performance
Enabling acts
Americans with Disabilities Act (ADA)
6. 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
Creditor beneficiary
Export Administration Regulations (EAR)
Export Administration Act (EAA)
Contracts that prohibit assignment
7. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
Regulation A of the Securities Act
Employment law
Securities and Exchange Commission
8. 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).
National Institute for Occupational Health
Jurisdiction
Product liability
Federal Trade Commission (FTC)
9. 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
Reliance damages
Duty to mitigate
Res ipsa loquitor
Fair Labor Standards Act (FLSA)
10. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Fair Labor Standards Act (FLSA)
Strict liability
Criminal Trial
Title VII of the Civil Rights Act of 1964
11. A condition that cuts off a pre-existing duty
Restitution
Rule of reason
Misappropriation theory
Condition subsequent
12. 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
Defendant
Security interest
Section 7A of the Clayton Act
Foreign Sovereign Immunities Act
13. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Occupational Safety and Health Administration (OSHA)
Rational basis test
Superfund
Clean Water Act
14. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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15. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Rule 144 of the Securities Act
Appellate jurisdiction
Liability based on intentional tort
Substantive unconscionability
16. Treaties entered into between two nations
Bilateral treaties
Expertised portion
Clean Air Act
Executed exchange
17. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Mental incapacity
Restitution and rescission
Substantive unconscionability
18. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Uniform Laws
Answer
Toxic Substances Control Act
Defendant
19. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Administrative Procedure Act
Motion of directed verdict or of dismissal
Rule 505 of Regulation D of the Securities Act
20. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Original jurisdiction
Public company
Parol Evidence Rule
Fair Credit Reporting Act
21. When the creditor initiates the proceedings.
Involuntary proceeding
Concurrent conflict of interests
Gift
Enabling acts
22. 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
National Environmental Policy Act (NEPA)
General jurisdiction
Specific performance
Group boycotts
23. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Lanham Act
Performance
Misrepresentation
Liquidated damages clause
24. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Rule 504 of Regulation D of the Securities Act
Private placement
Environmental Protection Agency (EPA)
Negative causation
25. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Export Administration Act (EAA)
Negative causation
Federal district court
Parol Evidence Rule
26. A written request for reasonable assurances regarding a party's intention to perform. Until such assurance is received - the demanding party can suspend his performance. Failure to receive adequate assurance demanded within a reasonable time can be c
Commercial speech
Pretexting
Ordinances
Demand assurance
27. It represents a request for the court to take some action. A motion can be filed by a defendant.
Workers compensation laws
Occupational Safety and Health Administration (OSHA)
Bilateral treaties
Motion
28. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Rule 12b (6) motion
Common Law
Administrative law judges
Shareholder primacy
29. 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)
Tie-in agreement
'Takings'
Gramm-Leach-Bliley Act
Fair Credit Reporting Act
30. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Involuntary proceeding
Sherman Act
Subjective intent
Petit jury
31. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Section 12 (a)(1) of the Securities Act
Unsecured creditor
Excuse of condition
Trademark
32. Oversees implementation of this benefit program of the Social Security Act
Social Security Administration
Joint obligation
Employee-at-will
Clean Air Act
33. 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 -
Mutual mistake
Legal detriment
Gratuitous assignment
Precedent
34. 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
Rule 147 of the Securities Act
Attachment
National Ambient Air Quality Standards
Satisfaction
35. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Demand assurance
Mutual mistake
Bureau of Consumer Protection
Attorney/client privilege
36. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Social Security Administration
Occupational Safety and Health Act
Foreclosure
Price fixing
37. The agreement to create a security interest
Pretexting
Equal Pay Act (EPA)
Security agreement
10-K
38. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Delegation
Appellee or respondent
Levels of courts
Unilateral contract
39. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Employee-at-will
Discharge of contract
Subject matter jurisdiction
Assignment of rights
40. 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
Judicial review
The Statute of Frauds
Adhesion
Clean Water Act
41. 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.'
Quasi-suspect classification
Levels of courts
Inadequate warning defect`
Assignment of rights
42. 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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43. 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
Securities and Exchange Commission
Accord
Grand jury
44. 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
Occupational Safety and Health Administration (OSHA)
Shareholder primacy
Material breach
Section 12 (a)(1) of the Securities Act
45. 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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46. An intent to deceive or defraud
Criminal Law
Rule 144 of the Securities Act
Scienter
Unsecured creditor
47. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Voluntarily proceeding
Foreign Sovereign Immunities Act
Liability based on intentional tort
48. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Inadequate warning defect`
Pension Benefit Guaranty Corporation (PBGC)
Pre-existing duty
Mutual assent
49. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Corporate social responsibility
Administrative Procedure Act
Section 4 of the Securities Act
Section 11 of the Securities Act
50. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Retraction
Toxic Substances Control Act
Rules of interpretation of a contract by a court