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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. 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.
Mistake
Public company
Malpractice
Obligee
2. The exchange of promises or an exchange of a promise for a performance.
Investment contracts
Truth in Lending Act
Environmental Protection Agency (EPA)
Bargained-for-exchange
3. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Section 10(b) and Rule 10b-5 of the Exchange Act
Deontological
Federal Trade Commission (FTC)
Remand
4. Misrepresentation that was made with intent
Total breach
Misappropriation theory
Fraud
Deontological
5. One of the primary federal federal statutes
Demurrer
Termination of an invitation to make an offer
Condition subsequent
Securities Act
6. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Discharge of contract
Limited jurisdiction
Precedent
Obligee
7. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
The Environmental Quality Report
Foreign Corrupt Practices Act
Section 12 (a)(1) of the Securities Act
Gratuitous assignment
8. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Who is liable
Affirm or disaffirm
'meeting of the minds'
General jurisdiction
9. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Parol Evidence Rule
Pre-existing duty
Uniform Laws
Motion for a more definitive statement
10. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Rational basis test
Substitutes of consideration
Securities Act Registration
Superfund
11. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Duty to mitigate
Regulation D of the Securities Act
Workers compensation laws
Truth in Lending Act
12. 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
Subject matter jurisdiction
Social entity or stakeholder theory of the corporation
Americans with Disabilities Act (ADA)
Indictment
13. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
The Environmental Quality Report
Administrative law judges
Bureau of Consumer Protection
Rule 147 of the Securities Act
14. 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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15. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
National Institute for Occupational Health
Specialized federal courts
Federal Trade Commission (FTC)
Voluntarily proceeding
16. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
General jurisdiction
Supreme Court powers
Precedent
Section 12(a)(2)
17. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Chapter 7 of the Code
Restitution and rescission
Contract law
Federal Trade Commission
18. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Misstatement or omission
General jurisdiction
Examples of Uniform Laws
Section 12(a)(2)
19. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
'meeting of the minds'
Secured transaction
Suspect classification
Executed exchange
20. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Revocability
Federal Information Act
Liquidated damages clause
Bona fide occupational qualification
21. 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'
Bureau of Consumer Protection
Appellant
Implied terms
Expectation damages (also known as the 'benefit of the bargain')
22. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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23. 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 147 of the Securities Act
Token consideration
Rule 144 of the Securities Act
Partial or trivial breach
24. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Creditor beneficiary
Trial court
Misrepresentation
Monopoly
25. This is when the appellate court send the case back to the lower court for a new trial.
Motion
Remand
Suspect classification
Attorney/client privilege
26. 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
Complete or total integration
Exclusive dealing agreement
Clean Water Act
Group boycotts
27. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Mutual assent
Tie-in agreement
A motion of summary judgement
Civil Law or Code Law
28. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
'Infants' or 'minors'
The Family and Medical Leave Act
Fair Credit Reporting Act
Employment law
29. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Post-trial motions
Any statutory seller
Original jurisdiction
Occupational Safety and Health Act
30. A condition that occurs at the same time as performance
Federal Insurance Contributions Act
Supervening illegality
Intended beneficiaries of government contract
Condition concurrent
31. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Securities Act Registration
Priority of secured transactions
Rules of construction
Liability based on intentional tort
32. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Inadequate warning defect`
Toxic Substances Control Act
Implied contracts
Charitable contributions
33. 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)
Uniform Laws
Parol Evidence Rule
Civil liability
Appellant
34. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Discharge of contract
Export Administration Act (EAA)
Suspect classification
Securities
35. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Legal capacity
Rule 506 of Regulation D of the Securities Act
Collective bargaining
Concurrent conflict of interests
36. A contract that is made where two promises are outstanding.
Exempt securities and transactions
Bilateral contract
Utilitarianism
Implied contract
37. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Deliberation
Employee Retirement Income Security Act (ERISA)
Verdict
Creditor beneficiary
38. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Diminution in value
'Mirror image' rule
The Statute of Frauds
Quasi-suspect classification
39. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Duties that cannot be delegated
Automatic stay
Rule 505 of Regulation D of the Securities Act
Promise
40. 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
National Labor Relations Act
Taking a contract 'out of the Statute of Frauds'
Control persons
'Ffour corners'
41. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Non-recoverable damages
Public company
Diminution in value
Equity of redemption
42. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Procedural unconscionability
Civil Law or Code Law
Third party beneficiary
Common Law
43. The documents that parties file in connection with their lawsuit
Mistake
Attorney/client privilege
Writ of certiorari
Pleadings
44. 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.
Corporate social responsibility
Non-recoverable damages
Specific performance
Securities and Exchange Commission
45. 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.
Unilateral rescission
Clayton Act
Rational basis test
Supreme Court powers
46. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Writ of certiorari
Stare decisis
Defined contribution plan
Statutory Seller
47. 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.
Misrepresentation
Assignee's rights
Demurrer
Clean Air Act
48. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Tie-in agreement
National Treatment
Commencing a lawsuit
49. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Revocability
The Statute of Frauds
A motion of summary judgement
Levels of courts
50. 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
Parol Evidence Rule
Termination of an invitation to make an offer
National Labor Relations Board (NLRB)
Securities Act
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