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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. Obtaining consumer's private financial information under false pretenses
Sherman Act
Clean Air Act
Pretexting
Attachment
2. 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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3. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Section 11 of the Securities Act
Contract with intoxicated persons
Chapter 7 of the Code
Consequentialism
4. 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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5. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Bilateral contract
Occupational Safety and Health Act
Implied terms
'Takings'
6. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Token consideration
Superfund
Automatic stay
Civil liability
7. A company subject to the Exchange Act
Attachment
Partial or trivial breach
Reporting company
Defined contribution plan
8. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Implied contracts
Mistake
Levels of courts
Burden of proof
9. 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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10. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
National Labor Relations Board (NLRB)
Economic waste
National Environmental Policy Act (NEPA)
Affirm or disaffirm
11. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Hung jury
Multilateral treaties
Securities Act Registration
Undue influence
12. 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.
Equal Employment Opportunity Commission (EEOC)
Implied contracts
Pension Benefit Guaranty Corporation (PBGC)
Condition subsequent
13. 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.
Domicile
'meeting of the minds'
Bilateral Investment Treaty program
Rule 144 of the Securities Act
14. Both a rejection and termination of the original offer.
Delegation
Unemployment compensation laws
Model Rules of Professional Conduct
Counteroffer
15. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Direct damages
Companies that are subject to the exchange act (Reporting companies)
Defenses against liability of misrepresentations or omissions
Securities Exchange Act of 1934
16. The difference between the value of the property as substantially complete and the value of the property upon full performance
Diminution in value
Contract law
Employee-at-will
Termination of an invitation to make an offer
17. Defenses that would prevent the plaintiff from holding the defendant liable
Affirmative defenses
Utilitarianism
Common Law
Motion to strike
18. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Appellee or respondent
Affirm or disaffirm
Total breach
Section 12 (a)(1) of the Securities Act
19. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Consequentialism
Beneficiary's rights
Section 12 (a)(1) of the Securities Act
Statutory Seller
20. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Novation
Chapter 7 of the Code
Commercial speech
Joint obligation
21. 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)
Promisee's rights
Administrative law judges
Uniform Laws
Supreme Court powers
22. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Section 5 of the Securities Act
Chapter 13 of the Code
'Ffour corners'
Creditor
23. 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
Section 11 of the Securities Act
'Quid pro quo'
Defenses against liability of misrepresentations or omissions
24. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Priority of secured transactions
Legal capacity
Securities Act
Assignor
25. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Fraud
Equity of redemption
Duress
Unconscionability
26. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Suspect classification
United States Bankruptcy Code ('Code')
Trademark
Chapter 7 of the Code
27. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Export Administration Regulations (EAR)
Option contract
Employment law
28. Previous decisions made by decisions - by which the current judges must abide by.
Foreign Sovereign Immunities Act
Misrepresentation
Injury-in-fact
Precedent
29. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Revocation
A motion of summary judgement
Fair Credit Reporting Act
Prosecution
30. 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
Federal Rules of Civil Procedures
Collateral
Criminal Trial
Discovery
31. 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.
Hung jury
General jurisdiction
Monopoly
Attorney/client privilege
32. A current report required by the Exchange Act
Workers compensation laws
Expropriation
8-K
Tie-in agreement
33. Punitive damage - non-economic damages - and attorneys' fees
Non-recoverable damages
Other constituency statutes
Substitutes of consideration
Monopoly
34. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Answer
General Agreement on Tariffs and Trades
Securities Act Registration
Occupational Safety and Health Act
35. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Creditor beneficiary
Federal circuit court of appeals and the federal court of appeals
Exclusive distributor agreements
Unilateral contract
36. 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.
Contract law
Legal ethics
Prospectus
Malpractice
37. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Per se
8-K
Creditor
Companies that are subject to the exchange act (Reporting companies)
38. There is no contract between the employer and employee - and therefore - either the employee or the employer can terminate the employment relationship at any time for any reason.
Fair Credit Reporting Act
Employee-at-will
Affirm or disaffirm
Rule of reason
39. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Other constituency statutes
Federal Information Act
Who is liable
Expropriation
40. A situation where one person unfairly benefits from a transaction
Unjust enrichment
Motion
Securities Act
Motion of directed verdict or of dismissal
41. Negative causation - due diligence defense - ...
Export Administration Act (EAA)
Defenses against liability of misrepresentations or omissions
Material breach
Federal Information Act
42. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Equity of redemption
Control persons
Executed exchange
The Social Security Administration
43. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Common Law
Changed circumstances that allow a party to be excused from performance under the contract
Process of assignment
Uniform Laws
44. 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).
Product liability
Adhesion
Expropriation
Ordinances
45. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Token consideration
Demurrer
Original jurisdiction
Criminal Trial
46. Represents a motion to dismiss the case because the plaintiff's complaint does not establish a legal basis for any remedy against the defendant. It can be filed by the defendant.
Sham consideration
Demurrer
Supervening illegality
Materiality
47. 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
Rule 12b (6) motion
Priority of secured transactions
Clean Water Act
Export Administration Act (EAA)
48. 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
Priority of secured transactions
Gramm-Leach-Bliley Act
Federal Rules of Civil Procedures
Substantive unconscionability
49. 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.
Promisor's rights (in relation to the beneficiary)
Liability based on intentional tort
Excuse of condition
'Mirror image' rule
50. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Civil liability
Organization for Economic Co-operation and Development (OECD)
Promisee's rights
Federal Environmental Pesticide Control Act