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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. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Subjective intent
Section 12(a)(2)
'Blue sky' laws
Contracts that prohibit assignment
2. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Civil Law or Code Law
Materiality
Securities Exchange Act of 1934
Corporate social responsibility
3. A supervening stature makes a contract illegal - and thereby makes performance impossible
Supervening illegality
Procedural unconscionability
Assignee
Counterclaims
4. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Substantive unconscionability
Counterclaims
Automatic stay
Bargained-for-exchange
5. Previous decisions made by decisions - by which the current judges must abide by.
Fair Debt Collection Act
Precedent
Assignment of rights
Appellee or respondent
6. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Tender offers
Fair Labor Standards Act (FLSA)
Preponderance of evidence
Appellate jurisdiction
7. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Mortgage
Social Security Act
Subjective intent
8. 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
Public company
Legal detriment
Material breach
Commercial speech
9. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Collateral
Bilateral Investment Treaty program
Bona fide occupational qualification
Control persons
10. 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
'Mailbox' rule
Equal Employment Opportunity Commission (EEOC)
Anticipatory repudiation
National Labor Relations Act
11. 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 -
Civil Law or Code Law
Appellee or respondent
Collective bargaining
Section 4 of the Securities Act
12. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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13. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
A motion of summary judgement
Employment discrimination
Federal Trade Commission
14. An exemption for transactions involving offerings to employees.
Discharge of contract
Fraud
Accord
Section 701 of the Securities Act
15. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Scienter
Retraction
Option contract
Trial court
16. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Fair Labor Standards Act (FLSA)
Federal Rules of Civil Procedures
Monopoly
Securities and Exchange Commission
17. 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
Implied contracts
Statute of limitations
Rule 147 of the Securities Act
Occupational Safety and Health Administration (OSHA)
18. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Petit jury
Misstatement or omission
Novation
Implied contract
19. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Criminal Law
Automatic stay
Obligee
Public company
20. 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).
National Ambient Air Quality Standards
Hung jury
Product liability
Market division
21. The person to extends credit or a loan - and hence the person to whom a debt is owed
When an assignment becomes void
National Labor Relations Board (NLRB)
Revocation
Creditor
22. 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
Economic waste
Clean Water Act
Termination of an invitation to make an offer
Truth in Lending Act
23. 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
Clean Water Act
Executed exchange
Effect of delegation
Section 12(a)(2)
24. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Equal Credit Opportunity Act
Discharge of contract
General jurisdiction
25. A condition that cuts off a pre-existing duty
Treaties authority
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Uniform Laws
Condition subsequent
26. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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27. A trivial defect in performance (the opposite of material breach).
Substantial performance
Assignee
Supervening illegality
Market division
28. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Appellant
Materiality
Accord
Market division
29. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Expertised portion
Rational basis test
Equal protection
Foreign Sovereign Immunities Act
30. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Employment law
Appellee or respondent
Monopoly
When an assignment becomes void
31. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Monopoly
Sham consideration
Defined benefit plans
Executed exchange
32. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Security interest
Mental incapacity
Materiality
Social Security Act
33. 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
Indictment
Priority of secured transactions
Product liability
Injury-in-fact
34. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Administrative Procedure Act
Contract
Effect of delegation
Employee-at-will
35. 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.
Condition precedent
Truth in Lending Act
Excuse of condition
Accord
36. Employers make payments to retired employees based on the length of their employment and the wages they received.
Supervening illegality
'de nuvo'
Control persons
Defined benefit plans
37. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Stare decisis
Res ipsa loquitor
Misrepresentation
'de nuvo'
38. 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
The Family and Medical Leave Act
Summons
Gramm-Leach-Bliley Act
Pregnancy Discrimination ACt
39. A company subject to the Exchange Act
Civil liability
Petit jury
Reporting company
National Institute for Occupational Health
40. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Truth in Lending Act
General jurisdiction
Tie-in agreement
Bureau of Consumer Protection
41. Seeks to promote market economics and democratic governments
Organization for Economic Co-operation and Development (OECD)
Administrative Procedure Act
Secured transaction
The Council on Environmental Quality
42. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Quasi-contract
Federal question jurisdiction
Remediation
Objective standard
43. 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
Private placement
Title VII of the Civil Rights Act of 1964
Section 4 of the Securities Act
Federal Information Act
44. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Misappropriation theory
A motion of summary judgement
Superfund
Condition
45. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Production quotas
Chapter 13 of the Code
Deontological
Quasi-suspect classification
46. It represents the defendant's request for a new proceeding to determine if he is being unlawfully deprived of his liberty. It is limited to people in custody. It can only be used after all other methods have been exhausted.
Commercial speech
Writ of habeas corpus
Security interest
Administrative Procedure Act
47. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Gratuitous assignment
Who is liable
Obligor
Indictment
48. Government acts that create an agency - along with establishing it's goals - powers - and the authority to make rules and regulations regarding a specified issue.
Employee Retirement Income Security Act (ERISA)
Enabling acts
Pretexting
Regulation D of the Securities Act
49. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Section 11 of the Securities Act
Multilateral treaties
Examples of Uniform Laws
Promisor's rights (in relation to the beneficiary)
50. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Bona fide occupational qualification
Judgment n.o.v.
Exchange Act Regulations
Obligor