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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.
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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 person who assigns her rights
Diminution in value
Donee beneficiary
Obligee
Materiality
2. The US appeals or appelate court. If a party appeals the district court's decision - it can be brought to the federal court of appeals or the federal court of appeals. It has appellate jurisdiction.
Federal circuit court of appeals and the federal court of appeals
The Statute of Frauds
Criminal Law
Tie-in agreement
3. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Unilateral rescission
Contract law
Anticipatory repudiation
Federal question jurisdiction
4. Negative causation - due diligence defense - ...
Plaintiff
Defenses against liability of misrepresentations or omissions
Deontological
Consequential damages
5. 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
Complete or total integration
Termination of an invitation to make an offer
Levels of courts
Commencing a lawsuit
6. A court reference to the notion that there must be mutual agreement about the exchange to be performed
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7. 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
Title VII of the Civil Rights Act of 1964
Consideration
Section 11 of the Securities Act
Executed exchange
8. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Fair Labor Standards Act (FLSA)
Section 11 of the Securities Act
'Mirror image' rule
Assignor
9. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Content-neutral restrictions
Workers compensation laws
Bilateral treaties
Discharge of contract
10. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Parol Evidence Rule
Securities and Exchange Commission
Partial or trivial breach
Defendant
11. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
General jurisdiction
Contract with intoxicated persons
Regulation S of the Securities Act
Penalty
12. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Tender offers
Performance
Chapter 13 of the Code
Counterclaims
13. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
'clear and present'
Legal capacity
Economic waste
Complete or total integration
14. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Precedent
Discovery
Equal Pay Act (EPA)
Promisor's rights (in relation to the beneficiary)
15. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Prosecution
Consumer protection
Remediation
Illusory promise
16. State statues that are aimed at recognizing corporation's right to behave in a socially responsible manner
Preponderance of evidence
Executed exchange
Condition
Other constituency statutes
17. An exemption for offerings that occur primarily within one state.
Exclusive distributor agreements
Judgment n.o.v.
Voluntarily proceeding
Rule 147 of the Securities Act
18. 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
National Environmental Policy Act (NEPA)
Motion of directed verdict or of dismissal
Securities Act
Pleadings
19. A relationship of dominance pursuant to which one party has strong influence over another because there exists a fiduciary or other relationship of trust - or a party is weakened states - and the dominant party unfairly persuades the other party to e
Prospectus
Undue influence
The Social Security Administration
Content-neutral restrictions
20. Inadequate warning of danger - which can be construed as a design defect
Satisfaction
Deliberation
Inadequate warning defect`
Section 12(a)(2)
21. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Securities Exchange Act of 1934
Automatic stay
Equal protection
United States Bankruptcy Code ('Code')
22. When a party unlawfully indicate that he will not perform when the performance is due.
Social Security Administration
Expropriation
Employment law
Anticipatory repudiation
23. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Unsecured creditor
Section 12(a)(2)
Contract with intoxicated persons
Statutory Seller
24. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Novation
Consequentialism
Mistake
Public company
25. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Quasi-contract
Commercial speech
Equal protection
Uniform Laws
26. When the plaintiff's damages were caused by something other than the misrepresentation or omission
Writ of certiorari
National Environmental Policy Act (NEPA)
Non-recoverable damages
Negative causation
27. Treaties between two nations addressing investment concerns
Prospectus
Misstatement or omission
Federal Communications Commission
Bilateral investment treaties
28. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Limited jurisdiction
Bureau of Customs and Border Protection
Offer
The Social Security Administration
29. 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
Personal jurisdiction
Revocation
Obligee
Petit jury
30. Administers federal labor laws
Malpractice
Civil Law or Code Law
Criminal Law
National Labor Relations Board
31. A quarterly report required by the Exchange Act
Who is liable
Duress
Consequentialism
10-Q
32. 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.
Remand
Pension Benefit Guaranty Corporation (PBGC)
'Quid pro quo'
Illusory promise
33. They arise when there is no actual contract - but is 'implied in the law' - and is sometimes by judges in order to avoid injustice
Procedural unconscionability
Workers compensation laws
Contracts that prohibit assignment
Quasi-contract
34. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Motion of directed verdict or of dismissal
Environmental Protection Agency (EPA)
Unemployment compensation laws
Section 4 of the Securities Act
35. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Securities Exchange Act of 1934
Clayton Act
Substantial performance
Procedural unconscionability
36. When a court examine the 'four corners' of a contract - this means that they will only examine the document itself.
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37. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Liability based on intentional tort
Excuse of condition
Chapter 11 of the Code
Limited jurisdiction
38. The person to whom the right is assigned
Multilateral treaties
Sham consideration
Assignee
Expectation damages (also known as the 'benefit of the bargain')
39. 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.
Motion of directed verdict or of dismissal
'in pari delicto'
Economic waste
Criminal Law
40. Where the actual trial occurs - i.e. - where parties present their evidence to a judge or jury.
Commercial speech
Supreme Court powers
Pension Benefit Guaranty Corporation (PBGC)
Trial court
41. When the defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
The Council on Environmental Quality
Process of appealing a case through the three levels of court
Securities Exchange Act of 1934
Strict liability
42. Judges that belong to an administrative agency - to which claims regarding administrative agency rules are brought to.
Market division
Equal Employment Opportunity Commission (EEOC)
Administrative law judges
Export Administration Regulations (EAR)
43. It is a pre-trial motion to take out certain matters
Foreign Corrupt Practices Act
Motion to strike
Implied contract
Bureau of Customs and Border Protection
44. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Companies that are subject to the exchange act (Reporting companies)
Rule of reason
Scienter
Donee beneficiary
45. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Misrepresentation
Sham consideration
Securities and Exchange Commission
Model Rules of Professional Conduct
46. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Executed exchange
General jurisdiction
Creditor beneficiary
Section 12 (a)(1) of the Securities Act
47. A condition that cuts off a pre-existing duty
Condition subsequent
Environmental Protection Agency
Implied terms
Examples of Uniform Laws
48. Laws created by city councils or county boards - aimed at local matters
Diminution in value
General jurisdiction
Legal capacity
Ordinances
49. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Quasi-suspect classification
Title VII of the Civil Rights Act of 1964
Occupational Safety and Health Act
Employee-at-will
50. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
10-K
Examples of Uniform Laws
Restitution
Regulation D of the Securities Act
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