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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 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
8-K
Mutual assent
Environmental Protection Agency (EPA)
Supreme Court powers
2. 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
Vesting of beneficiary's rights
Implied contract
Social entity or stakeholder theory of the corporation
Bona fide occupational qualification
3. It represents notice that a lawsuit has been filed against the defendant
Administrative law judges
Price fixing
Summons
Consumer protection
4. Regulates the handling of the pesticides being exported from and imported into the U.S.
Accord
Delegation
Federal Environmental Pesticide Control Act
Public company
5. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Equal Pay Act (EPA)
Subject matter jurisdiction
Regulation D of the Securities Act
Rule 505 of Regulation D of the Securities Act
6. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Stare decisis
Promisee's rights
The Social Security Administration
Penalty
7. 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
'clear and present'
Effect of delegation
Bargained-for-exchange
Regulation D of the Securities Act
8. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Civil Law
Demurrer
Nonexpertized portions
Donee beneficiary
9. 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
Regulation S of the Securities Act
Gramm-Leach-Bliley Act
Deliberation
'in pari delicto'
10. When the debtor voluntarily initiates the bankruptcy proceedings
Misstatement or omission
Companies that are subject to the exchange act (Reporting companies)
Rules of construction
Voluntarily proceeding
11. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Rule of reason
Attachment
Exchange Act Regulations
Concurrent conflict of interests
12. 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.
Employee Retirement Income Security Act (ERISA)
Condition
Rule 144 of the Securities Act
Secured transaction
13. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Securities and Exchange Commission
Counteroffer
Clean Air Act
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
14. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
'Mailbox' rule
Unemployment compensation laws
Legal ethics
Vesting of beneficiary's rights
15. This takes place when a crime has been committed against the state. In this case - there is a prosecution - which writes an indictment and sends it to the grand jury. If the grand jury decides that there is sufficient evidence - it will return the pr
Section 12(a)(2)
Criminal Trial
Malpractice
Section 10(b) and Rule 10b-5 of the Exchange Act
16. Prohibits institutions from discrimination related to credit applications
Direct damages
Post-trial motions
Partial or trivial breach
Equal Credit Opportunity Act
17. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
National Labor Relations Act
Substantial performance
Price fixing
Criminal Law
18. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Section 12 (a)(1) of the Securities Act
Mutual mistake
Negative causation
Rational basis test
19. The agreement to create a security interest
Pretexting
Security agreement
Specific performance
Standing
20. A trivial defect in performance (the opposite of material breach).
Promisor's rights (in relation to the beneficiary)
Unilateral contract
Substantial performance
Collateral
21. When a contract is presented on a 'take it or leave it' basis - leaving no room for bargaining. The courts qualifies this as procedural unconscionability - making the contract voidable
Trademark
Adhesion
'Past consideration'
Delegation
22. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Secured transaction
'due process'
Mutual mistake
'Quid pro quo'
23. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Private placement
Duress
'Quid pro quo'
Section 12 (a)(1) of the Securities Act
24. It represents a request for the court to take some action. A motion can be filed by a defendant.
Ordinances
Objective standard
Motion
Consequential damages
25. When an adult has a mental disability and thereby can disaffirm a contract and contract with him is voidable. Any bargained-for exchange must be returned or there must be restitution.
Section 4 of the Securities Act
Mental incapacity
Legal detriment
Remand
26. It is a promise stated in words - either oral or written.
Voluntarily proceeding
'meeting of the minds'
Express contract
Adhesion
27. 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)
Misstatement or omission
Economic waste
Group boycotts
Mistake
28. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Exchange Act Regulations
Intended beneficiaries of government contract
'Mailbox' rule
Promise
29. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Reliance
Subject matter jurisdiction
Exclusive distributor agreements
Misrepresentation
30. This means that each party to the contract must manifest or reveal her intent to be bound to a given exchange. Mutual assent is a requirement for a contract to be formed. There must be an offer and an acceptance.
Social entity or stakeholder theory of the corporation
Demurrer
Investment contracts
Mutual assent
31. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Pre-existing duty
Federal Rules of Civil Procedures
Chapter 13 of the Code
Burden of proof
32. Directors - certain officers - and owners
Judgment n.o.v.
Control persons
Liquidated damages clause
Defenses against liability of misrepresentations or omissions
33. Regulates trusts and monopolies
Chapter 7 of the Code
Beneficiary's rights
Federal Trade Commission
Direct damages
34. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
Short swing profits
Personal jurisdiction
Foreclosure
Federal Trade Commission
35. Regulates air and water pollution as well as address problems associated with certain toxic substances
Obligor's rights
Economic waste
General Agreement on Tariffs and Trades
Environmental Protection Agency
36. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Intended beneficiaries of government contract
Securities
Price fixing
Mutual mistake
37. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Lien
Implied terms
Collective bargaining
Workers compensation laws
38. Researches health and safety issues and recommends regulations. Created through the Occupational Safety and Health Act
Unjust enrichment
National Institute for Occupational Health
Automatic stay
Rule 12b (6) motion
39. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Restitution and rescission
Economic waste
Gift
The Environmental Quality Report
40. Oversees the purchase and sale of securities
Gift
Administrative Procedure Act
Securities and Exchange Commission
Substitutes of consideration
41. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Retraction
Grand jury
Federal Communications Commission
Equity of redemption
42. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Mutual rescission
Demurrer
Automatic stay
Foreign Corrupt Practices Act
43. 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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44. The promisor's failure to perform in accordance with the terms of the contract
Prospectus
Breach
Rule 144 of the Securities Act
Other constituency statutes
45. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Social entity or stakeholder theory of the corporation
Equal Pay Act (EPA)
Defined contribution plan
Enabling acts
46. 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
8-K
Consideration
Consequentialism
Criminal Trial
47. A promise that is inferred from a person's conduct or the circumstances of the transaction
Regulation D of the Securities Act
Implied contract
Novation
Federal Trade Commission (FTC)
48. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
8-K
Misrepresentation
Direct damages
Proxy
49. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Section 12(a)(2)
National Treatment
Group boycotts
Petit jury
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.).
Post-trial motions
Criminal Trial
Discharge of contract
Superfund