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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. 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
When an assignment becomes void
National Environmental Policy Act (NEPA)
Revocability
Rule 12b (6) motion
2. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Writ of certiorari
Equity of redemption
Prosecution
Foreign Sovereign Immunities Act
3. Duties that involve some personal service or skill or that would materially change the obligor's expectancy under the contract may not be delegated without the obligee's consent. When a contract prohibit assignment - then it also cannot be delegated.
Breach
Duties that cannot be delegated
Criminal Trial
Injury-in-fact
4. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Motion for a more definitive statement
Judicial review
Materiality
Statutory Seller
5. One of the primary federal federal statutes
Social entity or stakeholder theory of the corporation
Tender offers
Section 4 of the Securities Act
Securities Act
6. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
Strict liability
Fair Credit Reporting Act
Environmental Protection Agency
7. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Bureau of Customs and Border Protection
Pretexting
Federal Rules of Civil Procedures
Unilateral mistake
8. They represent losses that result from other transactions that are dependent upon the breached contract
Complete or total integration
Objective standard
Unconscionability
Consequential damages
9. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Defendant
Employment discrimination
Duress
10. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Rule 505 of Regulation D of the Securities Act
Prospectus
Chapter 13 of the Code
Securities Exchange Act of 1934
11. An event that is not certain to occur. A contract is subject to a condition when the parties agree that performance is contingent of the occurance of that certain event.
Age Discrimination in Employment Act (ADEA)
Personal jurisdiction
Condition
Res ipsa loquitor
12. Regulates the handling of the pesticides being exported from and imported into the U.S.
Bureau of Customs and Border Protection
Pregnancy Discrimination ACt
Petit jury
Federal Environmental Pesticide Control Act
13. A contract that is made where two promises are outstanding.
Bilateral treaties
Bilateral contract
Restitution
Voluntarily proceeding
14. An exemption for transactions involving offerings to employees.
Resource Conservation and Recovery Act
Attachment
Section 701 of the Securities Act
Per se
15. When the act of acceptance is also the act of performance (i.e. - there is only one performance obligation remaining)
Unilateral contract
'Ffour corners'
Unsecured creditor
Sherman Act
16. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Writ of certiorari
Standing
Other constituency statutes
Accord
17. When the creditor initiates the proceedings.
Liability based on intentional tort
The Council on Environmental Quality
Securities
Involuntary proceeding
18. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Substantial performance
'Blue sky' laws
Partial or trivial breach
Rule 504 of Regulation D of the Securities Act
19. Negative causation - due diligence defense - ...
Incidental beneficiary
Substitutes of consideration
Defenses against liability of misrepresentations or omissions
Securities Exchange Act of 1934
20. This is an agreement where one of the parties does not actually promise to do anything - and thereby - lacks consideration.
Federal Communications Commission
Liquidated damages clause
Illusory promise
General jurisdiction
21. Agreements requiring a buyer to resell products to a specific manufacturer. The Clayton Act prohibits such agreements (vertical agreement)
Exclusive dealing agreement
Mutual mistake
Delegation
Restitution and rescission
22. 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)
Parol Evidence Rule
Option contract
Bilateral investment treaties
Administrative Procedure Act
23. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Section 11 of the Securities Act
Criminal Trial
Perfected
Appellate jurisdiction
24. This means that courts determine intent by analyzing how a reasonable person would construe the words and conduct of the parties (if one party intends to make the contract - while the other only pretends but does not intend - the court will recognize
Objective standard
Reporting company
National Institute for Occupational Health
The Family and Medical Leave Act
25. 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.
Equal Pay Act (EPA)
Jurisdiction
Novation
Pension Benefit Guaranty Corporation (PBGC)
26. 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
Organization for Economic Co-operation and Development (OECD)
Exempt securities and transactions
Grand jury
Priority of secured transactions
27. Prohibits discrimination against certain employees with mental or physical disabilities. It also requires that employers make reasonable accommodations for employees who qualify as disabled under ADA.
Workers compensation laws
Americans with Disabilities Act (ADA)
Other constituency statutes
Securities Exchange Act of 1934
28. 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
Private placement
Shareholder primacy
Commercial speech
Perfected
29. Consent after the lawyer has adequately informed the client about the conflict and not only has explained to her the material risk associated with the conflict but also has made available her reasonable alternatives to the proposed conflict
Fair Labor Standards Act (FLSA)
Fraud
Informed consent
Control persons
30. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Indictment
Specific performance
Securities and Exchange Commission
Section 10(b) and Rule 10b-5 of the Exchange Act
31. 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.).
Diminution in value
Legal capacity
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Post-trial motions
32. 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
Promisee's rights
General jurisdiction
Penalty
Effect of delegation
33. 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
Design defect
Termination of an invitation to make an offer
Performance
Contract with intoxicated persons
34. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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35. The creditor's right to take possession of the property is called foreclosure
Examples of Uniform Laws
Foreclosure
Rules of interpretation of a contract by a court
Rational basis test
36. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Civil Law
Jurisdiction
Appellate jurisdiction
Model Rules of Professional Conduct
37. They represent the amount of money a party has spent in justifiable reliance on a contract.
Strict liability
Private placement
Section 12(a)(2)
Reliance damages
38. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Personal jurisdiction
Appellee or respondent
Materiality
Occupational Safety and Health Act
39. Actual performance of an obligation
Counterclaims
Attorney/client privilege
Satisfaction
Stare decisis
40. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Resource Conservation and Recovery Act
Gratuitous assignment
Bilateral Investment Treaty program
Bureau of Consumer Protection
41. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Scienter
Remand
Collective bargaining
Pretexting
42. 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
Rational basis test
Content-neutral restrictions
'Infants' or 'minors'
Rule 505 of Regulation D of the Securities Act
43. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Enabling acts
Unjust enrichment
General jurisdiction
Commencing a lawsuit
44. 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
National Ambient Air Quality Standards
Tie-in agreement
Restitution and rescission
The Family and Medical Leave Act
45. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
'Mirror image' rule
Contract
Product liability
The Social Security Administration
46. The obligee who officially assigned over his rights
Section 10(b) and Rule 10b-5 of the Exchange Act
Affirmative defenses
Fair Credit Reporting Act
Assignor
47. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Examples of Uniform Laws
Procedural unconscionability
Involuntary proceeding
National Institute for Occupational Health
48. Inadequate warning of danger - which can be construed as a design defect
Inadequate warning defect`
Section 5 of the Securities Act
Concurrent conflict of interests
Liability based on intentional tort
49. 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
Misappropriation theory
Consequential damages
Illusory promise
Bilateral contract
50. Punitive damage - non-economic damages - and attorneys' fees
Social Security Administration
Non-recoverable damages
Counterclaims
Equity of redemption