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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 all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
'Blue sky' laws
Rule 12b (6) motion
Workers compensation laws
2. 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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3. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Trust
Assignee
Performance
4. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Trial court
Federal Communications Commission
Breach
Regulation S of the Securities Act
5. 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)
Intended beneficiaries of government contract
Adhesion
Tie-in agreement
Answer
6. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Bilateral investment treaties
Specific performance
Remediation
Workers compensation laws
7. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Unemployment compensation laws
Oral argument
Affirm or disaffirm
Injunction
8. A distinct mark or symbol that identifies a business and its products
Trademark
Incidental beneficiary
Intended beneficiary
Revocability
9. 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.
Penalty
Condition
Rule 506 of Regulation D of the Securities Act
Summons
10. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Securities and Exchange Commission
Rules of interpretation of a contract by a court
Chapter 11 of the Code
Taking a contract 'out of the Statute of Frauds'
11. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
'in pari delicto'
Effect of delegation
Writ of certiorari
National Labor Relations Board
12. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Exclusive distributor agreements
Prosecution
Civil Law or Code Law
Contract
13. 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
Shareholder primacy
National Labor Relations Act
Judicial review
Civil liability
14. The person being sued
Perfected
Defendant
Standing
Administrative law judges
15. Regulates the handling of the pesticides being exported from and imported into the U.S.
Attorney/client privilege
Federal Trade Commission (FTC)
Federal Environmental Pesticide Control Act
Civil liability
16. A person who is not an intended beneficiary
National Labor Relations Act
Incidental beneficiary
Per se
Fair Credit Reporting Act
17. 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
Process of appealing a case through the three levels of court
Incidental beneficiary
Demurrer
'due process'
18. 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'.
Grand jury
Section 4 of the Securities Act
Concurrent conflict of interests
Contract
19. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Federal district court
Termination of an invitation to make an offer
Rules of interpretation of a contract by a court
The Family and Medical Leave Act
20. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Breach
Implied contracts
Appellee or respondent
Novation
21. 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.
Assignee's rights
Summons
Pension Benefit Guaranty Corporation (PBGC)
Mental incapacity
22. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
General Agreement on Tariffs and Trades
Uniform Commercial Code ('UCC')
8-K
Promise
23. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Social Security Administration
Specialized federal courts
Assignee's rights
Undue influence
24. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Remediation
Rational basis test
Obligee
Foreign Sovereign Immunities Act
25. The party seeking to appeal the previous court's decision
Civil liability
Appellant
Criminal Trial
Indictment
26. 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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27. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Specific performance
Rule 505 of Regulation D of the Securities Act
Uniform Commercial Code ('UCC')
Bona fide occupational qualification
28. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Defined contribution plan
Bilateral treaties
Americans with Disabilities Act (ADA)
Federal Environmental Pesticide Control Act
29. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
'Past consideration'
Novation
Chapter 13 of the Code
Proxy
30. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
'de nuvo'
National Labor Relations Board (NLRB)
Quasi-contract
General jurisdiction
31. The creditor's security interest in real property
Securities Act
Fraud
Total breach
Mortgage
32. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
National Labor Relations Act
Procedural unconscionability
Private placement
Condition concurrent
33. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Consumer protection
'Mirror image' rule
Promise
Quasi-contract
34. A creditor that does not have a security interest in any of the debtor's property or assets.
Utilitarianism
Group boycotts
'Takings'
Unsecured creditor
35. 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
Employee-at-will
The Social Security Administration
Securities Act Registration
Judgment n.o.v.
36. 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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37. 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.
Remand
Federal Rules of Civil Procedures
Supreme Court powers
Gramm-Leach-Bliley Act
38. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Judgment n.o.v.
Motion to strike
Contract law
Securities Act Registration
39. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Legal capacity
Accord
Rules of interpretation of a contract by a court
Examples of Uniform Laws
40. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Precedent
Diminution in value
National Labor Relations Board (NLRB)
Equal protection
41. 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.
Attachment
'Mailbox' rule
A motion of summary judgement
Toxic Substances Control Act
42. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Equal Employment Opportunity Commission (EEOC)
Strict liability
Levels of courts
Pretexting
43. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
Expertised portion
Rules of interpretation of a contract by a court
Fair Debt Collection Act
Pregnancy Discrimination ACt
44. Offering made to purchase all or a portion of the shares of a specific company
Reporting company
Tender offers
Intended beneficiary
Bilateral contract
45. The agreement to create a security interest
Security agreement
Lanham Act
Vertical agreements
Common Law
46. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Vesting of beneficiary's rights
Verdict
Examples of Uniform Laws
Revocability
47. 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.
Bilateral treaties
Judicial review
Res ipsa loquitor
United States Bankruptcy Code ('Code')
48. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Performance
Sham consideration
'meeting of the minds'
Voluntarily proceeding
49. 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.
Clayton Act
Model Rules of Professional Conduct
Reporting company
Investment contracts
50. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Price fixing
Assignor
Exclusive dealing agreement
Rules of construction
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