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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. The obligor does not need to provide consent - but does need to be given notice.
'de nuvo'
National Treatment
Materiality
Process of assignment
2. 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
Clayton Act
Subject matter jurisdiction
Supreme Court powers
Employee-at-will
3. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Rule 144 of the Securities Act
Effect of delegation
Injunction
Concurrent conflict of interests
4. The exchange of promises or an exchange of a promise for a performance.
Liability based on intentional tort
Employee-at-will
Horizontal agreement
Bargained-for-exchange
5. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Employee-at-will
Strict liability
Gratuitous assignment
Workers compensation laws
6. 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
Creditor
Unconscionability
Defined benefit plans
Unsecured creditor
7. Treaties among several parties that seek to allocate rights and responsibilities among the parties
United States Bankruptcy Code ('Code')
Inadequate warning defect`
Multilateral treaties
Adhesion
8. Regulates the handling of the pesticides being exported from and imported into the U.S.
Federal Environmental Pesticide Control Act
Regulation D of the Securities Act
Appellee or respondent
Excuse of condition
9. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Mutual mistake
Occupational Safety and Health Administration (OSHA)
Section 5 of the Securities Act
Original jurisdiction
10. 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
Express contract
Illusory promise
Clean Water Act
Title VII of the Civil Rights Act of 1964
11. 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
Assignment of rights
'Mirror image' rule
Priority of secured transactions
Investment contracts
12. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Discovery
Perfected
Tender offers
Unsecured creditor
13. 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.
Appellate jurisdiction
Assignee
Equity of redemption
Vertical agreements
14. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Occupational Safety and Health Act
Rule 144 of the Securities Act
'Past consideration'
Section 11 of the Securities Act
15. The agreement to create a security interest
Quasi-suspect classification
Security agreement
Foreign Sovereign Immunities Act
Accord
16. The promisor's failure to perform in accordance with the terms of the contract
Expropriation
Malpractice
Breach
The Environmental Quality Report
17. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Exchange Act Regulations
Defined benefit plans
Pleadings
National Labor Relations Board (NLRB)
18. 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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19. Oversees implementation of this benefit program of the Social Security Act
Federal Environmental Pesticide Control Act
Section 12 (a)(1) of the Securities Act
Social Security Administration
Security interest
20. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Scienter
Lanham Act
Foreclosure
Quasi-contract
21. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Environmental Protection Agency (EPA)
Trademark
Assignee's rights
Priority of secured transactions
22. 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
Misstatement or omission
Res judicata
Equal Pay Act (EPA)
23. 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
Monopoly
Substantive unconscionability
Superfund
Attachment
24. Place of permanent residence
Pension Benefit Guaranty Corporation (PBGC)
Domicile
National Labor Relations Board
Price fixing
25. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Bona fide occupational qualification
Assignment of rights
Appellate jurisdiction
Age Discrimination in Employment Act (ADEA)
26. 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.
Private placement
Res judicata
Rule 147 of the Securities Act
Federal Insurance Contributions Act
27. A supervening stature makes a contract illegal - and thereby makes performance impossible
Federal Environmental Pesticide Control Act
Discovery
Supervening illegality
Assignment of rights
28. 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
Federal question jurisdiction
Motion of directed verdict or of dismissal
Concurrent conflict of interests
Secured transaction
29. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
'Quid pro quo'
Proxy
Concurrent conflict of interests
Prosecution
30. Offering made to purchase all or a portion of the shares of a specific company
Adhesion
Tender offers
Executed exchange
Rule 12b (6) motion
31. When a control makes a profit purchasing and selling her shares within a six-month period
Short swing profits
Title VII of the Civil Rights Act of 1964
Clean Air Act
Reporting company
32. Misrepresentation that was made with intent
Stare decisis
Collective bargaining
Fraud
Deontological
33. 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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34. Laws that states have passed that aim at regulating securities transactions within their states.
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35. When the jury retires to a separate room to decide the outcome of the case.
Intended beneficiaries of government contract
Performance
Partial or trivial breach
Deliberation
36. The belief that the corporation has a social and ethical responsibility to operate in a manner that benefits other stakeholders. However - laws do not impose this obligation/responsibility
Procedural unconscionability
Trust
Social entity or stakeholder theory of the corporation
Charitable contributions
37. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
'in pari delicto'
Adhesion
Securities Exchange Act of 1934
Misstatement or omission
38. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Public company
Affirm or disaffirm
Bureau of Customs and Border Protection
Legal capacity
39. When the debtor voluntarily initiates the bankruptcy proceedings
Voluntarily proceeding
Securities
Scienter
Objective standard
40. 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
Objective standard
The Family and Medical Leave Act
Social entity or stakeholder theory of the corporation
Section 4 of the Securities Act
41. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Section 701 of the Securities Act
Injunction
Common Law
Design defect
42. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Penalty
Unemployment compensation laws
Content-neutral restrictions
Federal Trade Commission (FTC)
43. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Deontological
10-K
Verdict
Promise
44. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Automatic stay
Superfund
Sherman Act
Nonexpertized portions
45. Rules of ethics that govern the practice of law and the conduct of lawyers
Motion
Employee Retirement Income Security Act (ERISA)
Legal ethics
Statute of limitations
46. Discrimination based on race or sex
Federal Trade Commission
Discharge of contract
Employment discrimination
Companies that are subject to the exchange act (Reporting companies)
47. Both a rejection and termination of the original offer.
Counteroffer
Section 7A of the Clayton Act
Tender offers
Restatement (Second) of Contracts
48. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Legal ethics
Consequential damages
Civil Law or Code Law
Title VII of the Civil Rights Act of 1964
49. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Product liability
Contract law
Export Administration Act (EAA)
Administrative Procedure Act
50. It represents notice that a lawsuit has been filed against the defendant
Chapter 7 of the Code
Exclusive dealing agreement
Group boycotts
Summons