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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. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Defendant
Remediation
Equity of redemption
Bureau of Customs and Border Protection
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
Misstatement or omission
Termination of an invitation to make an offer
Export Administration Act (EAA)
Mutual assent
3. 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
Rules of interpretation of a contract by a court
Supreme Court powers
Misappropriation theory
Equal Credit Opportunity Act
4. When the debtor voluntarily initiates the bankruptcy proceedings
Reliance damages
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Voluntarily proceeding
10-K
5. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Restatement (Second) of Contracts
Scienter
Social entity or stakeholder theory of the corporation
Condition
6. Agreements between buyers and sellers - price-related agreements are per se illegal. Such agreements require court scrutiny based on the rule of reason in order to be held illegal.
Motion
Consequential damages
Vertical agreements
Priority of secured transactions
7. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Unemployment compensation laws
Exempt securities and transactions
Unilateral mistake
Concurrent conflict of interests
8. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Demand assurance
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Verdict
Common Law
9. 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
Misrepresentation
Clean Water Act
Bilateral investment treaties
Incidental beneficiary
10. (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
National Ambient Air Quality Standards
Regulation A of the Securities Act
Defenses against liability of misrepresentations or omissions
11. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Foreign Sovereign Immunities Act
Post-trial motions
Criminal Trial
Design defect
12. One of the primary federal federal statutes
Securities Act
National Ambient Air Quality Standards
Specific performance
Prospectus
13. A person is an intended beneficiary if recognition of a right to performance is appropriate to effectuate the intention of the parties - or either the performance of the promise will satisfy the promisee's obligation to pay money to the beneficiary -
Personal jurisdiction
'Past consideration'
Tender offers
Intended beneficiary
14. 14th Amendment provides that no state shall deny 'equal protection of the laws'. As interpreted - both 14th and 5th Amendments apply to 'discriminatory laws'.
Assignee's rights
Res judicata
Termination of an invitation to make an offer
Equal protection
15. 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
Security interest
Changed circumstances that allow a party to be excused from performance under the contract
Limited jurisdiction
Adhesion
16. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
Ordinances
Mutual rescission
When an assignment becomes void
Defined contribution plan
17. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
Writ of habeas corpus
Implied contracts
Mutual assent
Fair Labor Standards Act (FLSA)
18. 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'
Strict liability
Implied terms
Deliberation
Inadequate warning defect`
19. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Federal district court
Quasi-contract
'Mailbox' rule
National Ambient Air Quality Standards
20. Oversees the purchase and sale of securities
Statute of limitations
Attorney/client privilege
Appellant
Securities and Exchange Commission
21. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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22. Required to establish a security interest. Attachment occurs when the parties agree to create a security interest (security agreement) - put it in writing and signed by the debtor - the creditor provides money or some other form of consideration for
Motion
Petit jury
Attachment
Utilitarianism
23. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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24. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Section 7A of the Clayton Act
Expertised portion
Effect of delegation
Joint obligation
25. 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.
Shareholder primacy
Goods
Third party beneficiary
Scienter
26. The Constitution makes treaties the 'supreme law of the land'
Companies that are subject to the exchange act (Reporting companies)
Token consideration
Treaties authority
Assignee
27. An annual report required by the Exchange Act
Fraud
Scienter
National Labor Relations Act
10-K
28. The person to extends credit or a loan - and hence the person to whom a debt is owed
10-Q
Manufacturing defect
Creditor
Any statutory seller
29. Treaties entered into between two nations
Securities Act Registration
'due process'
Bilateral treaties
'in pari delicto'
30. A person who is not an intended beneficiary
Counterclaims
Incidental beneficiary
Rules of construction
'in pari delicto'
31. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Environmental Protection Agency
Diversity jurisdiction
Liquidated damages clause
Proxy
32. 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
Priority of secured transactions
Age Discrimination in Employment Act (ADEA)
Scienter
Malpractice
33. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
'Mirror image' rule
Exclusive distributor agreements
Concurrent conflict of interests
34. A company subject to the Exchange Act
Reporting company
Executed exchange
Mortgage
Levels of courts
35. The right of both parties to gain information concerning the other party and her witnesses.
Resource Conservation and Recovery Act
Discovery
Liquidated damages clause
Concurrent conflict of interests
36. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Pretexting
Treaties authority
Security agreement
37. A quarterly report required by the Exchange Act
10-Q
Security agreement
Bargained-for-exchange
National Labor Relations Board (NLRB)
38. It is an action to avoid unjust enrichment.
Restitution
Demand assurance
Mutual rescission
Reporting company
39. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Liquidated damages clause
Changed circumstances that allow a party to be excused from performance under the contract
'de nuvo'
Unilateral rescission
40. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Rules of construction
Other constituency statutes
Suspect classification
Process of appealing a case through the three levels of court
41. The U.S. federal trial court is called the federal district court. There are 94 district courts through the US and territories.
Federal district court
Rules of interpretation of a contract by a court
Foreclosure
Vesting of beneficiary's rights
42. 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.
Examples of Uniform Laws
Demurrer
Satisfaction
Restitution
43. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
'de nuvo'
Administrative Procedure Act
Defined benefit plans
Trial court
44. 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
Third party beneficiary
Trademark
Gramm-Leach-Bliley Act
Expertised portion
45. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Strict liability
Per se
Federal question jurisdiction
Employee-at-will
46. When the creditor initiates the proceedings.
Federal question jurisdiction
Vesting of beneficiary's rights
Involuntary proceeding
Assignee
47. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Federal Information Act
Truth in Lending Act
Clean Water Act
Shareholder primacy
48. Not discriminating against foreign product - thereby treating all products within their border equally
Affirm or disaffirm
National Treatment
Restitution and rescission
Offer
49. A trivial defect in performance (the opposite of material breach).
Plaintiff
Prosecution
Express contract
Substantial performance
50. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Statute of limitations
Direct damages
Reliance
Truth in Lending Act
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