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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. 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
Objective standard
Equal Credit Opportunity Act
Prosecution
Substantive unconscionability
2. The person to extends credit or a loan - and hence the person to whom a debt is owed
'Mailbox' rule
Assignee
Regulation S of the Securities Act
Creditor
3. An assignment becomes void when it conflicts with a statute or public policy - materially changes teh obligor's duty - increases the burden or risk imposed by the contract - impairs the obligor's prospects of getting a return performance - or substan
8-K
Legal ethics
'Past consideration'
When an assignment becomes void
4. This regulate the discharge of pollutants into the water. It authorizes the EPA (Environmental Protection Agency) to determine the permissible levels of contaminants in the water to ensure a safe water supply - and to set standards aimed at meeting t
Executed exchange
Clean Water Act
Motion to strike
Implied terms
5. A company subject to the Exchange Act
Regulation D of the Securities Act
Reporting company
Pension Benefit Guaranty Corporation (PBGC)
Vesting of beneficiary's rights
6. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Malpractice
Res ipsa loquitor
Federal question jurisdiction
Securities Act
7. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
General Agreement on Tariffs and Trades
Automatic stay
Answer
Condition subsequent
8. These rules are used by the court to determine how the contract should be construed: These rules include: a) preferring an interpretation that makes the contract valid and enforceable b) interpreting the contract a whole c) Giving specific provisions
Rules of construction
Perfected
Intended beneficiary
Bilateral Investment Treaty program
9. The obligation to establish his claims first
Gramm-Leach-Bliley Act
Direct damages
Burden of proof
Objective standard
10. 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
Gramm-Leach-Bliley Act
Process of appealing a case through the three levels of court
Revocability
8-K
11. Every company that issues shares to the public consistent with the Securities Act - every company with securities registered on a national securities exchange - every company with assets in excess of $5 million and at least 500 shareholders - and eve
Companies that are subject to the exchange act (Reporting companies)
Bargained-for-exchange
Charitable contributions
Levels of courts
12. 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
Promisor's rights (in relation to the beneficiary)
Uniform Laws
Revocation
National Treatment
13. 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
Criminal Trial
Quasi-suspect classification
Environmental Protection Agency
Demand assurance
14. 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
8-K
Per se
Federal district court
Parol Evidence Rule
15. They represent losses that result from other transactions that are dependent upon the breached contract
Gratuitous assignment
Consequential damages
Gramm-Leach-Bliley Act
'clear and present'
16. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Statutory Seller
Section 701 of the Securities Act
Involuntary proceeding
Supervening illegality
17. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Bureau of Consumer Protection
Misappropriation theory
Other constituency statutes
Superfund
18. 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.
Securities Act
Preponderance of evidence
Occupational Safety and Health Act
Who is liable
19. 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.
Procedural unconscionability
Bilateral contract
Scienter
Criminal Law
20. It is a document containing information that must be delivered to investors prior to their securities' purchase. It is designed to contain all the information that an investor needs to evaluate the security and risk associated with purchasing the sec
Prospectus
Incidental beneficiary
Exchange Act Regulations
'Infants' or 'minors'
21. Prohibits institutions from discrimination related to credit applications
Expertised portion
Pension Benefit Guaranty Corporation (PBGC)
Equal Credit Opportunity Act
Product liability
22. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Standing
Rule 504 of Regulation D of the Securities Act
Sherman Act
Prospectus
23. It regulates chemical substances
Toxic Substances Control Act
Criminal Law
Horizontal agreement
Pension Benefit Guaranty Corporation (PBGC)
24. 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
Proxy
Age Discrimination in Employment Act (ADEA)
Express contract
25. A creditor that does not have a security interest in any of the debtor's property or assets.
Sham consideration
Unsecured creditor
Termination of an invitation to make an offer
Age Discrimination in Employment Act (ADEA)
26. A pre-trial motion when the pleadings are vague or ambiguous.
Federal Communications Commission
Substantial performance
Security interest
Motion for a more definitive statement
27. The documents that parties file in connection with their lawsuit
Truth in Lending Act
Foreign Corrupt Practices Act
Pleadings
Export Administration Act (EAA)
28. Rule 12(b) of the Federal Rules also allows a defendant to make a motion to dismiss based on (a) a lack of subject matter jurisdiction - (b) lack of person jurisdiction - (c) lack of venue - (d) the lack of venue - (e) the failure to join necessary p
Rule 12b (6) motion
Exclusive dealing agreement
Section 12(a)(2)
Criminal Trial
29. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Reliance
Sham consideration
Security agreement
Process of assignment
30. It is the period in which a person may bring her claim. A contract becomes unenforceable after the statute of limitations has expired. A new contract must be created
Res ipsa loquitor
Writ of habeas corpus
Remand
Statute of limitations
31. Directors - certain officers - and owners
Control persons
Bureau of Customs and Border Protection
Subjective intent
Lien
32. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Executed exchange
Excuse of condition
Chapter 13 of the Code
Legal detriment
33. Laws that states have passed that aim at regulating securities transactions within their states.
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34. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Contract law
Creditor
Proxy
Liquidated damages clause
35. 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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36. When a party unlawfully indicate that he will not perform when the performance is due.
Anticipatory repudiation
Motion of directed verdict or of dismissal
Manufacturing defect
Occupational Safety and Health Administration (OSHA)
37. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
Bilateral contract
Perfected
Chapter 11 of the Code
38. Ethical behavior in terms of its consequences ('the end justifies the means')
Defendant
Market division
Consequentialism
Age Discrimination in Employment Act (ADEA)
39. Torts and contracts... represents law that regulates the relationships between parties.
Levels of courts
Counterclaims
Public company
Civil Law
40. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Contract
Concurrent conflict of interests
Domicile
Creditor beneficiary
41. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Option contract
Token consideration
Malpractice
Occupational Safety and Health Administration (OSHA)
42. A distinct mark or symbol that identifies a business and its products
Levels of courts
National Environmental Policy Act (NEPA)
Implied terms
Trademark
43. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Bilateral treaties
Federal Information Act
Organization for Economic Co-operation and Development (OECD)
Export Administration Act (EAA)
44. Exempts transactions by any person other than an issuer or underwriter and any transaction that does not involve a public offering.
Substantial performance
Section 4 of the Securities Act
Affirmative defenses
Section 701 of the Securities Act
45. When the product is properly manufactured - but the design poses a danger to consumers. Plaintiff must prove that the manufacturer could have used an alternative design that was still economically feasible
Federal Communications Commission
Beneficiary's rights
Design defect
Assignor
46. 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.
Condition
Assignment of rights
Duties that cannot be delegated
Section 11 of the Securities Act
47. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Private placement
Public company
Price fixing
Intended beneficiaries of government contract
48. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Uniform Laws
Chapter 7 of the Code
Suspect classification
Occupational Safety and Health Act
49. A trivial defect in performance (the opposite of material breach).
Bilateral investment treaties
Substantial performance
Fair Debt Collection Act
Condition
50. 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.
Anticipatory repudiation
Accord
Parol Evidence Rule
Prospectus