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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 substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Materiality
The Council on Environmental Quality
Counteroffer
Workers compensation laws
2. Regulates air and water pollution as well as address problems associated with certain toxic substances
Environmental Protection Agency
Diminution in value
Tender offers
Specific performance
3. The person who assigns her rights
Equal Employment Opportunity Commission (EEOC)
Obligee
Effect of delegation
Incidental beneficiary
4. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Lien
Federal Information Act
National Environmental Policy Act (NEPA)
Intended beneficiaries of government contract
5. It represents notice that a lawsuit has been filed against the defendant
Export Administration Act (EAA)
Content-neutral restrictions
Shareholder primacy
Summons
6. The creditor's right to take possession of the property is called foreclosure
Foreclosure
Pleadings
Motion of directed verdict or of dismissal
Tie-in agreement
7. 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
Any statutory seller
Commercial speech
National Labor Relations Board
Retraction
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)
Objective standard
Specific performance
Uniform Laws
Unilateral mistake
9. 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.
Consequential damages
Legal ethics
Limited jurisdiction
Mutual assent
10. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Standing
Consumer protection
Non-recoverable damages
Misrepresentation
11. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Implied contract
Levels of courts
Grand jury
Employment discrimination
12. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Rules of construction
Trial court
Reporting company
Suspect classification
13. It is a judgment notwithstanding the verdict requires the court to find that the evidence does not support the jury's verdict. If the court makes such a finding - it will overturn the jury's verdict.
Judgment n.o.v.
Accord
Horizontal agreement
Rule 144 of the Securities Act
14. Portions of a registration statement that are certified by an expert such as financial statements or legal opinions. An expert only has liability for the expertized portion
Material breach
Expertised portion
Misrepresentation
Mortgage
15. 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
Oral argument
Investment contracts
Social entity or stakeholder theory of the corporation
Exchange Act Regulations
16. A small sign of regard. If something can be construed as token consideration because it lacks any value - then courts will find it legally insufficient.
Securities Act
Token consideration
Total breach
Unemployment compensation laws
17. Defenses that would prevent the plaintiff from holding the defendant liable
Regulation S of the Securities Act
Mental incapacity
Affirmative defenses
Corporate social responsibility
18. 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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19. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Model Rules of Professional Conduct
Per se
Chapter 11 of the Code
Market division
20. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Direct damages
Ordinances
Fair Credit Reporting Act
Joint obligation
21. 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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22. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Strict liability
Token consideration
Civil Law
Lanham Act
23. Establishes that federal and state courts do not have jurisdiction over cases against a foreign nation. Immunity ends if the commercial activity occurred in the US - actions in the US based on commercial activities abroad - or commercial activities a
Judgment n.o.v.
Foreign Sovereign Immunities Act
Federal Trade Commission
Executed exchange
24. 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
Pretexting
Section 7A of the Clayton Act
Rational basis test
Delegation
25. Actions designed to permanently reduce the health and safety risk associated with the site.
Assignment of rights
Remediation
Consumer protection
Counterclaims
26. A division of the FTC that seeks to educate consumers regarding their rights and assist the FTC with the enforcement of consumer protection laws.
Commencing a lawsuit
Undue influence
Bureau of Consumer Protection
Attachment
27. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
The Environmental Quality Report
Americans with Disabilities Act (ADA)
Private placement
Remand
28. When the debtor voluntarily initiates the bankruptcy proceedings
Offer
Judicial review
Occupational Safety and Health Act
Voluntarily proceeding
29. 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.
Sham consideration
Legal ethics
Counteroffer
Resource Conservation and Recovery Act
30. A party's damage award will be reduced by any loss he did or could have avoided.
Employment law
Duty to mitigate
Satisfaction
Pension Benefit Guaranty Corporation (PBGC)
31. Actual performance of an obligation
Remand
'de nuvo'
Satisfaction
Market division
32. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
Oral argument
Taking a contract 'out of the Statute of Frauds'
National Ambient Air Quality Standards
Fair Credit Reporting Act
33. It is a pre-trial motion to take out certain matters
Securities and Exchange Commission
Counterclaims
Rule 147 of the Securities Act
Motion to strike
34. Regulates private pension plans. It creates standards for their plans. It also requires employers to provide adequate funds for their plans - and to appoint an administrator for the plan who has fiduciary responsibility to administer the plan in the
Anticipatory repudiation
Effect of delegation
Employee Retirement Income Security Act (ERISA)
National Institute for Occupational Health
35. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Judicial review
Pleadings
Revocability
Quasi-suspect classification
36. 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
Priority of secured transactions
Prosecution
Bureau of Customs and Border Protection
Environmental Protection Agency
37. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Unilateral contract
Pre-existing duty
Administrative Procedure Act
38. The person being sued
Defendant
Equal Employment Opportunity Commission (EEOC)
Product liability
Executed exchange
39. The written set of charges against the defendant - which is presented to a grand jury.
Assignor
Indictment
Executed exchange
Securities and Exchange Commission
40. 1) A trial court - (2) An appeals or appelate court - (3) A supreme court
Levels of courts
Bureau of Consumer Protection
'Quid pro quo'
Original jurisdiction
41. Liability extends to ___________ - without the plaintiff needing to proof of reliance or causation. The seller can avoid liability by showing negative causation - the plaintiff knew that the statements in the prospectus at the time of her purchase -
Bureau of Customs and Border Protection
Consequential damages
Any statutory seller
Pension Benefit Guaranty Corporation (PBGC)
42. 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.
Accord
Diminution in value
The Council on Environmental Quality
Pre-existing duty
43. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Revocation
Clean Air Act
Diminution in value
'Ffour corners'
44. 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
Mutual assent
National Environmental Policy Act (NEPA)
Federal Insurance Contributions Act
Supreme Court powers
45. Government's 'time - place - and manner' restrictions of content are subject to intermediate scrutiny.
Content-neutral restrictions
Charitable contributions
Objective standard
Suspect classification
46. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Contract
'meeting of the minds'
Section 10(b) and Rule 10b-5 of the Exchange Act
Direct damages
47. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Nonexpertized portions
Performance
Priority of secured transactions
Foreign Corrupt Practices Act
48. 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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49. 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.
Securities Exchange Act of 1934
When an assignment becomes void
Executed exchange
Americans with Disabilities Act (ADA)
50. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Donee beneficiary
Obligor
Adhesion
Priority of secured transactions