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Test your basic knowledge |
CLEP Introductory Business Law
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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 fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Chapter 13 of the Code
Superfund
Unjust enrichment
Section 5 of the Securities Act
2. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Rule 147 of the Securities Act
Promise
The Family and Medical Leave Act
Executed exchange
3. He has the enforceable right against the obligor because he is considered the real party interest.
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4. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Fair Labor Standards Act (FLSA)
Lanham Act
Prospectus
Grand jury
5. It is an action to avoid unjust enrichment.
Restitution
Tie-in agreement
Federal Environmental Pesticide Control Act
Automatic stay
6. 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
Social entity or stakeholder theory of the corporation
Who is liable
Sham consideration
Adhesion
7. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Horizontal agreement
Negative causation
Creditor beneficiary
8. An exemption for offerings that occur primarily within one state.
Vertical agreements
Pleadings
Rule 147 of the Securities Act
Occupational Safety and Health Act
9. Has appellate jurisdiction (but limited to reviewing the decision of the appellate court) and the power to remand and review decisions of state supreme court. When it reviews the decision of the lower court involving interpretations of legal rules -
Domicile
Supreme Court powers
Trial court
Informed consent
10. Punitive damage - non-economic damages - and attorneys' fees
General jurisdiction
Section 12(a)(2)
Non-recoverable damages
Taking a contract 'out of the Statute of Frauds'
11. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Treaties authority
Affirmative defenses
Federal Trade Commission (FTC)
Charitable contributions
12. 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
Res ipsa loquitor
Non-recoverable damages
10-Q
Substantive unconscionability
13. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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14. If the parties to a contract state that consideration has been given - but it was not - then the statement will be viewed as sham consideration and be legally insufficient.
Quasi-suspect classification
Employee Retirement Income Security Act (ERISA)
National Labor Relations Act
Sham consideration
15. 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
Pretexting
Informed consent
Res judicata
Securities
16. An order from the court to perform the contract pursuant of its terms. This is only does when the damage remedy is inadequate and the equitable need for such performance outweighs the burden of supervision and harm to the defendant.
Fraud
Rules of construction
Specific performance
Motion
17. A uniform law that provides legislation for various aspects of commercial law. It has been accepted by all states except Louisiana.
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18. Revocability relates to situations when an assignment can be taken away from the assignee. When an assignment is supported by consideration - it irrevocable - and vice-versa. If an assignment is irrevocable - then the assignor does not have the right
Revocability
Civil liability
Implied contract
Option contract
19. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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20. 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'.
Unilateral contract
Remediation
Section 701 of the Securities Act
Contract
21. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Administrative law judges
Prosecution
Equal Employment Opportunity Commission (EEOC)
Security interest
22. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Restatement (Second) of Contracts
Performance
Mutual rescission
Collateral
23. The primary doctrine used to substitute for consideration is promissory estoppel or detrimental reliance. Under that doctrine - a promise will be enforced without consideration under the following conditions: (a) The promisor should reasonably expect
Revocability
'Past consideration'
Uniform Commercial Code ('UCC')
Substitutes of consideration
24. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Changed circumstances that allow a party to be excused from performance under the contract
Securities and Exchange Commission
Pregnancy Discrimination ACt
Chapter 13 of the Code
25. A current report required by the Exchange Act
8-K
Affirmative defenses
National Institute for Occupational Health
Commercial speech
26. 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.).
Restitution
'in pari delicto'
Export Administration Act (EAA)
Post-trial motions
27. The person being sued
Assignee's rights
Defendant
Assignee
Subjective intent
28. The person to extends credit or a loan - and hence the person to whom a debt is owed
Judicial review
Jurisdiction
Unsecured creditor
Creditor
29. One of the primary federal federal statutes
Examples of Uniform Laws
Securities Act
Creditor beneficiary
10-Q
30. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Accredited investor
Model Rules of Professional Conduct
Export Administration Regulations (EAR)
Standing
31. 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
Accord
Termination of an invitation to make an offer
Securities Exchange Act of 1934
Rules of construction
32. 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.
Bilateral contract
Total breach
Consequentialism
Enabling acts
33. The Constitution makes treaties the 'supreme law of the land'
Obligor
Retraction
Liability based on intentional tort
Treaties authority
34. The principle that judges must make decisions consistent with precedent (previous decisions) of their own and higher courts. (Although judges have discretion to overturn their court's previous decisions - the principle of 'stare decisis' encourages t
Rule 12b (6) motion
Levels of courts
Model Rules of Professional Conduct
Stare decisis
35. 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.
Priority of secured transactions
Regulation A of the Securities Act
Section 7A of the Clayton Act
Writ of habeas corpus
36. Under Section11 - the issuer - its directors - the chief executive officer - the chief financial officer - the underwriter - and any expert is liable. The issuer can avoid liability if he can show negative causation.
Design defect
Consequentialism
Objective standard
Who is liable
37. 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
Civil Law or Code Law
Social Security Administration
Non-recoverable damages
Objective standard
38. A situation where one person unfairly benefits from a transaction
Contract
Unjust enrichment
'Infants' or 'minors'
Who is liable
39. Previous decisions made by decisions - by which the current judges must abide by.
Motion of directed verdict or of dismissal
Obligor
Beneficiary's rights
Precedent
40. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
Rule 505 of Regulation D of the Securities Act
National Environmental Policy Act (NEPA)
Manufacturing defect
The Council on Environmental Quality
41. When both parties agree to rescind the contract
Substantial performance
Mutual rescission
Illusory promise
Federal circuit court of appeals and the federal court of appeals
42. 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
Adhesion
Liquidated damages clause
Supervening illegality
Companies that are subject to the exchange act (Reporting companies)
43. Rules of ethics that govern the practice of law and the conduct of lawyers
Utilitarianism
Verdict
Consumer protection
Legal ethics
44. Prohibits institutions from discrimination related to credit applications
Social entity or stakeholder theory of the corporation
Misappropriation theory
Equal Credit Opportunity Act
National Institute for Occupational Health
45. 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
Bilateral investment treaties
Enabling acts
General jurisdiction
Rule 505 of Regulation D of the Securities Act
46. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Foreign Sovereign Immunities Act
Federal district court
Resource Conservation and Recovery Act
Section 12 (a)(1) of the Securities Act
47. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Third party beneficiary
'Infants' or 'minors'
Levels of courts
Misrepresentation
48. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
Bilateral Investment Treaty program
Unjust enrichment
Pregnancy Discrimination ACt
Original jurisdiction
49. Words or actions an individual may have intended - but did not communicate
Goods
Subjective intent
Reliance
Equal protection
50. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Effect of delegation
Automatic stay
Public company
The Council on Environmental Quality
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