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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. 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
Discovery
Involuntary proceeding
Res judicata
Suspect classification
2. 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.
Exclusive dealing agreement
Investment contracts
Federal district court
Rule 505 of Regulation D of the Securities Act
3. When a party unlawfully indicate that he will not perform when the performance is due.
Misrepresentation
Anticipatory repudiation
Rules of construction
National Labor Relations Board
4. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Manufacturing defect
Subject matter jurisdiction
Effect of delegation
Examples of Uniform Laws
5. This is when the appellate court send the case back to the lower court for a new trial.
Remand
Foreign Corrupt Practices Act
Consideration
Judicial review
6. Negative causation - due diligence defense - ...
Promisee's rights
Export Administration Regulations (EAR)
Defenses against liability of misrepresentations or omissions
Federal Trade Commission
7. 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.
Federal Trade Commission
Private placement
Multilateral treaties
Duties that cannot be delegated
8. 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.
Implied contracts
Equity of redemption
Performance
Federal Communications Commission
9. A pre-trial motion when the pleadings are vague or ambiguous.
Retraction
Section 701 of the Securities Act
Motion for a more definitive statement
Gramm-Leach-Bliley Act
10. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Inadequate warning defect`
Novation
Process of assignment
Bureau of Customs and Border Protection
11. Oversees the purchase and sale of securities
Civil Law
Restitution
Securities and Exchange Commission
Liability based on intentional tort
12. 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
Delegation
Deontological
Federal Communications Commission
Undue influence
13. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Shareholder primacy
Res ipsa loquitor
Statute of limitations
Pre-existing duty
14. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Judicial review
Restitution and rescission
National Treatment
Token consideration
15. Directors - certain officers - and owners
Exclusive dealing agreement
Bilateral treaties
Control persons
Federal district court
16. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Illusory promise
Executed exchange
Federal district court
Strict liability
17. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Pension Benefit Guaranty Corporation (PBGC)
Restitution and rescission
Trust
Federal Trade Commission (FTC)
18. A misrepresentation made with knowledge of its inaccuracy
Bureau of Customs and Border Protection
Scienter
Burden of proof
Statutory Seller
19. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Civil Law
Social Security Administration
Specialized federal courts
Assignee's rights
20. 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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21. The obligor does not need to provide consent - but does need to be given notice.
Federal Environmental Pesticide Control Act
Process of assignment
Discharge of contract
Unsecured creditor
22. 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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23. A company subject to the Exchange Act
Reporting company
Res judicata
Executed exchange
Trial court
24. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
National Labor Relations Act
Group boycotts
Jurisdiction
'Takings'
25. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Creditor
'Takings'
Rule 12b (6) motion
Petit jury
26. 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.'
Chapter 11 of the Code
Civil liability
Prosecution
Trust
27. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Implied contracts
Mental incapacity
Discharge of contract
Unjust enrichment
28. Claims that the defendant has against the plaintiff
8-K
Counterclaims
Materiality
Revocation
29. An improper threat that leaves the victim no reasonable alternative but to comply with an agreement
Bureau of Consumer Protection
Duress
Post-trial motions
Revocation
30. A party's damage award will be reduced by any loss he did or could have avoided.
Defenses against liability of misrepresentations or omissions
Securities Act Registration
Exclusive distributor agreements
Duty to mitigate
31. 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
Rule 504 of Regulation D of the Securities Act
Security interest
National Institute for Occupational Health
Gramm-Leach-Bliley Act
32. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Examples of Uniform Laws
Donee beneficiary
Quasi-suspect classification
Condition precedent
33. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Complete or total integration
Section 12 (a)(1) of the Securities Act
Concurrent conflict of interests
Mistake
34. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Civil liability
Res ipsa loquitor
Clean Water Act
Legal detriment
35. The promisor's failure to perform in accordance with the terms of the contract
Breach
Anticipatory repudiation
Contracts that prohibit assignment
Consideration
36. Treaties entered into between two nations
Attorney/client privilege
Obligor's rights
Clean Water Act
Bilateral treaties
37. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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38. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Discharge of contract
Writ of habeas corpus
Beneficiary's rights
Resource Conservation and Recovery Act
39. 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.
Judicial review
Superfund
Levels of courts
Mortgage
40. 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
Mortgage
Revocation
Retraction
Examples of Uniform Laws
41. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Administrative law judges
Accredited investor
Civil Law or Code Law
General Agreement on Tariffs and Trades
42. 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
Section 7A of the Clayton Act
Attachment
Personal jurisdiction
Effect of delegation
43. Words or actions an individual may have intended - but did not communicate
Subjective intent
Complete or total integration
Occupational Safety and Health Administration (OSHA)
Regulation D of the Securities Act
44. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Judgment n.o.v.
Automatic stay
Federal Communications Commission
Option contract
45. Misrepresentation that was made with intent
10-Q
Economic waste
Fraud
'Mirror image' rule
46. The first court to consider an action
Bilateral contract
Pregnancy Discrimination ACt
Export Administration Act (EAA)
Original jurisdiction
47. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Section 4 of the Securities Act
Diminution in value
Model Rules of Professional Conduct
Verdict
48. 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
Negative causation
Securities Act
National Labor Relations Act
Unilateral rescission
49. 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.
Export Administration Act (EAA)
Promisee's rights
Joint obligation
Malpractice
50. 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.).
Section 10(b) and Rule 10b-5 of the Exchange Act
Substantive unconscionability
Post-trial motions
Supervening illegality
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