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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. Seeks to promote market economics and democratic governments
Excuse of condition
Sherman Act
Organization for Economic Co-operation and Development (OECD)
Duties that cannot be delegated
2. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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3. 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
Unsecured creditor
Social Security Act
Personal jurisdiction
4. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Unilateral rescission
Fair Credit Reporting Act
Duress
Quasi-suspect classification
5. 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.
Criminal Law
Burden of proof
Product liability
Consumer protection
6. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Res ipsa loquitor
Charitable contributions
Materiality
Federal Insurance Contributions Act
7. Torts and contracts... represents law that regulates the relationships between parties.
Federal circuit court of appeals and the federal court of appeals
Civil Law
Horizontal agreement
Rules of interpretation of a contract by a court
8. In an effort to create harmony between state laws - a group of experts create a set of laws which each state chooses to follow in whole or in part. (Ex. Uniform Commercial Code)
Consumer protection
Uniform Laws
Answer
Affirmative defenses
9. 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.
Total breach
Writ of habeas corpus
Counteroffer
Consumer protection
10. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Equity of redemption
Unconscionability
Concurrent conflict of interests
National Labor Relations Board (NLRB)
11. 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
Assignment of rights
Involuntary proceeding
Perfected
National Institute for Occupational Health
12. The right to hold a security interest on a debtor's property.
Lien
Liquidated damages clause
Federal Trade Commission
Adhesion
13. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Statute of limitations
General Agreement on Tariffs and Trades
Rules of construction
Direct damages
14. The written set of charges against the defendant - which is presented to a grand jury.
Indictment
Securities and Exchange Commission
Multilateral treaties
Diminution in value
15. The promisor can raise any defense against the beneficiary that he would have been able to raise against the promisee. The promisor cannot raise a defense against the beneficiary and the promisee.
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16. 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
Unemployment compensation laws
Enabling acts
Private placement
Process of assignment
17. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Gramm-Leach-Bliley Act
Assignee
Federal Trade Commission (FTC)
National Institute for Occupational Health
18. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Export Administration Regulations (EAR)
Excuse of condition
Mutual mistake
Private placement
19. Obtaining consumer's private financial information under false pretenses
Pretexting
Securities Exchange Act of 1934
Equal Employment Opportunity Commission (EEOC)
Fair Credit Reporting Act
20. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Bilateral investment treaties
Levels of courts
Assignee's rights
Section 4 of the Securities Act
21. Actual performance of an obligation
Truth in Lending Act
Prospectus
Satisfaction
Attorney/client privilege
22. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
General jurisdiction
Petit jury
Priority of secured transactions
Bureau of Consumer Protection
23. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Token consideration
Gift
General jurisdiction
Levels of courts
24. 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.
Incidental beneficiary
Mutual assent
Affirmative defenses
Intended beneficiaries of government contract
25. A quarterly report required by the Exchange Act
Section 12(a)(2)
Bureau of Customs and Border Protection
Employment law
10-Q
26. When the debtor voluntarily initiates the bankruptcy proceedings
Security interest
Employee Retirement Income Security Act (ERISA)
The Council on Environmental Quality
Voluntarily proceeding
27. 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.
Federal Rules of Civil Procedures
Pension Benefit Guaranty Corporation (PBGC)
Legal capacity
Plaintiff
28. This is when an assignment is not supported by consideration and is revocable. It will only become irrevocable when (a) the obligor has performed her obligations to the assignee - (b) the assignor delivers the assignment in writing to the assignee -
Commercial speech
Gratuitous assignment
The Family and Medical Leave Act
'Mailbox' rule
29. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Termination of an invitation to make an offer
10-Q
Specific performance
Assignment of rights
30. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
Common Law
Illusory promise
Economic waste
Equal Employment Opportunity Commission (EEOC)
31. 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
'de nuvo'
Informed consent
Bureau of Customs and Border Protection
'clear and present'
32. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Regulation D of the Securities Act
Environmental Protection Agency
Charitable contributions
Section 4 of the Securities Act
33. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Secured transaction
Novation
Federal Trade Commission (FTC)
Bilateral treaties
34. 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
Bona fide occupational qualification
Administrative Procedure Act
Federal Environmental Pesticide Control Act
35. The obligee who officially assigned over his rights
Assignor
Motion to strike
Voluntarily proceeding
Short swing profits
36. An interest in property or collateral granted in order to ensure payment of a debt or obligation
Equal Pay Act (EPA)
Fair Credit Reporting Act
Security interest
Federal Rules of Civil Procedures
37. A trivial defect in performance (the opposite of material breach).
Lanham Act
A motion of summary judgement
Substantial performance
Unilateral contract
38. It is when a person transfers a duty. A person who delegates his duty under an agreement is initially called the obligor and after the delegation becomes the delegator. The person who assumes the duty is referred to as the delegate - while the other
Delegation
Bilateral investment treaties
Employment law
Mutual mistake
39. Prohibits companies from seeking to bribe foreign official in order to obtain a business advantage in their country
Content-neutral restrictions
Gift
Legal ethics
Foreign Corrupt Practices Act
40. According to the test articulated in 'SEC v. Howey Co.' - an investment contract represent an investment of money - in a common enterprise - when the purchases is led to expect profits - solely from the efforts of others.
Creditor
Prosecution
Investment contracts
Motion for a more definitive statement
41. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Rule of reason
Rules of construction
Appellate jurisdiction
42. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Investment contracts
Attachment
Clayton Act
Expropriation
43. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
Clean Water Act
Fraud
Injunction
Equity of redemption
44. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Accord
Chapter 7 of the Code
Judgment n.o.v.
Unjust enrichment
45. A contract that is made where two promises are outstanding.
Regulation A of the Securities Act
Environmental Protection Agency
Performance
Bilateral contract
46. It is an action to avoid unjust enrichment.
Creditor
Restitution
Unilateral mistake
Federal Insurance Contributions Act
47. 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.
Duties that cannot be delegated
Mistake
Uniform Commercial Code ('UCC')
Any statutory seller
48. The obligation to establish his claims first
Burden of proof
Federal Trade Commission (FTC)
Judicial review
Motion to strike
49. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Implied terms
'de nuvo'
Procedural unconscionability
Multilateral treaties
50. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Obligor
Changed circumstances that allow a party to be excused from performance under the contract
Donee beneficiary
Demand assurance