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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. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Trust
Chapter 11 of the Code
Mutual assent
Sham consideration
2. When the court finds that the terms of the agreement are grossly unfair or unduly favorable to one side - particularly when the term are incomprehensible to a party. A contract becomes voidable
Substantive unconscionability
Bilateral contract
Section 12 (a)(1) of the Securities Act
Ordinances
3. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Unconscionability
Regulation D of the Securities Act
'Ffour corners'
National Ambient Air Quality Standards
4. An exemption for offers in which the aggregate offering price is less than $5 million and the number of purchasers in less than 35 - excluding accredited investors
Rule 144 of the Securities Act
Employment law
Rule 505 of Regulation D of the Securities Act
Condition
5. Manages the nation's social security system
Pension Benefit Guaranty Corporation (PBGC)
Defendant
The Social Security Administration
Collective bargaining
6. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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7. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Duty to mitigate
Deliberation
Design defect
Malpractice
8. They represent losses that result from other transactions that are dependent upon the breached contract
'due process'
Rule 144 of the Securities Act
Diminution in value
Consequential damages
9. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Security interest
Attachment
Grand jury
Material breach
10. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Section 11 of the Securities Act
Rules of construction
Motion
Pension Benefit Guaranty Corporation (PBGC)
11. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Offer
Chapter 11 of the Code
Parol Evidence Rule
Trial court
12. It represents a request for the court to take some action. A motion can be filed by a defendant.
Motion
Federal question jurisdiction
Demurrer
Fair Credit Reporting Act
13. 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.
Chapter 13 of the Code
Lien
Malpractice
Workers compensation laws
14. 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
Remand
'Quid pro quo'
When an assignment becomes void
Changed circumstances that allow a party to be excused from performance under the contract
15. 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
Workers compensation laws
A motion of summary judgement
Private placement
Securities Act
16. A supervening stature makes a contract illegal - and thereby makes performance impossible
Substitutes of consideration
Civil Law
Adhesion
Supervening illegality
17. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Precedent
Consideration
Vesting of beneficiary's rights
Rule 506 of Regulation D of the Securities Act
18. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bona fide occupational qualification
Securities Act Registration
Bureau of Customs and Border Protection
Employee-at-will
19. When the offeree pays for the offeror's promise to keep the offer open for a period of time - the offer will become irrevocable during that period (rejection - counteroffer - or death can affect the contract during that time)
Option contract
Undue influence
Ordinances
Rule 506 of Regulation D of the Securities Act
20. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Market division
Companies that are subject to the exchange act (Reporting companies)
'Quid pro quo'
Satisfaction
21. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Implied contract
Adhesion
'due process'
22. 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
Appellant
Creditor
Priority of secured transactions
Obligor
23. 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
Clayton Act
Suspect classification
Taking a contract 'out of the Statute of Frauds'
Common Law
24. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Promisor's rights (in relation to the beneficiary)
Equal Employment Opportunity Commission (EEOC)
Assignor
Plaintiff
25. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Remediation
Hung jury
Accord
26. An agreement of when the promisee agree to accept different performance from the original promisor in exchange for a release of the original agreement. However - the original obligation is not discharged until there has been satisfaction.
Organization for Economic Co-operation and Development (OECD)
Accord
Obligor
Section 11 of the Securities Act
27. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Administrative Procedure Act
Design defect
Federal Trade Commission (FTC)
Unilateral rescission
28. 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.
Writ of habeas corpus
Involuntary proceeding
Goods
Gratuitous assignment
29. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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30. The promisor's failure to perform in accordance with the terms of the contract
Breach
The Council on Environmental Quality
When an assignment becomes void
Vesting of beneficiary's rights
31. 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.
Excuse of condition
Assignor
Consideration
Employee-at-will
32. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Equal Employment Opportunity Commission (EEOC)
Production quotas
Civil liability
Defined benefit plans
33. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Complete or total integration
Employment law
Implied contracts
Answer
34. The Hart-Scot-Rodino Act - which requires corporations to notify FTC and the U.S. Justice Department when they engage in a merger. Mergers are prohibited under the Act if the market related to the merger is substantially concentrated and if - after t
Federal Information Act
Sham consideration
Motion for a more definitive statement
Section 7A of the Clayton Act
35. Established by the Export Administration Act - it provides a framework for regulating exports and issuing licenses for exports subject to controls
Perfected
Export Administration Regulations (EAR)
Changed circumstances that allow a party to be excused from performance under the contract
Subject matter jurisdiction
36. The exchange of promises or an exchange of a promise for a performance.
Section 11 of the Securities Act
Oral argument
Assignee's rights
Bargained-for-exchange
37. A party's damage award will be reduced by any loss he did or could have avoided.
Specific performance
Superfund
Duty to mitigate
Securities
38. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Securities Act
Obligor
Federal Insurance Contributions Act
Indictment
39. 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
Penalty
Rules of construction
Securities and Exchange Commission
Shareholder primacy
40. Laws that states have passed that aim at regulating securities transactions within their states.
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41. When the creditor initiates the proceedings.
Federal Environmental Pesticide Control Act
'Blue sky' laws
Involuntary proceeding
Partial or trivial breach
42. 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.'
Restitution and rescission
Consequentialism
Expertised portion
Civil liability
43. An annual report required by the Exchange Act
Jurisdiction
National Labor Relations Board
10-K
Unemployment compensation laws
44. 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
Corporate social responsibility
Original jurisdiction
Diminution in value
Environmental Protection Agency (EPA)
45. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Federal district court
Materiality
United States Bankruptcy Code ('Code')
Per se
46. The concept that the corporation only owes a duty to their shareholders and their financial concerns. 'Dodge v. Ford motor Company' reflects this concept
Joint obligation
Tender offers
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Shareholder primacy
47. It regulates chemical substances
Affirm or disaffirm
Unemployment compensation laws
Burden of proof
Toxic Substances Control Act
48. The property that is the subject of a security interest
Collateral
Implied contracts
Scienter
Exempt securities and transactions
49. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
'clear and present'
Accredited investor
Motion of directed verdict or of dismissal
Unilateral rescission
50. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Promisor's rights (in relation to the beneficiary)
Contract law
8-K
Misstatement or omission