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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. Treaties entered into between two nations
Equal Pay Act (EPA)
Bilateral treaties
'Past consideration'
Hung jury
2. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Answer
When an assignment becomes void
Counteroffer
Regulation S of the Securities Act
3. When the creditor initiates the proceedings.
Administrative law judges
Workers compensation laws
Involuntary proceeding
Criminal Law
4. Seeks to promote market economics and democratic governments
Private placement
Organization for Economic Co-operation and Development (OECD)
Res ipsa loquitor
Workers compensation laws
5. Laws that states have passed that aim at regulating securities transactions within their states.
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6. A contract that is made where two promises are outstanding.
Securities
Bilateral contract
Condition concurrent
The Statute of Frauds
7. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Substantive unconscionability
When an assignment becomes void
Rule 504 of Regulation D of the Securities Act
Discharge of contract
8. It is an action to avoid unjust enrichment.
Restitution
Material breach
Promisee's rights
Consequential damages
9. When a control makes a profit purchasing and selling her shares within a six-month period
Short swing profits
Summons
Mutual assent
Equal protection
10. It is when a promisee is doing an act one is not legally obligated to do or not doing an act that one has a legal right to do
Legal detriment
Strict liability
The Environmental Quality Report
Administrative law judges
11. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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12. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Personal jurisdiction
Regulation D of the Securities Act
Burden of proof
The Environmental Quality Report
13. 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
Precedent
Assignee's rights
Sherman Act
Expertised portion
14. 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 -
Securities Act Registration
Liability based on intentional tort
Federal circuit court of appeals and the federal court of appeals
Gratuitous assignment
15. 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
Defendant
A motion of summary judgement
Bilateral Investment Treaty program
Federal circuit court of appeals and the federal court of appeals
16. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Oral argument
Mutual mistake
The Social Security Administration
Misrepresentation
17. The person being sued
'Definite and certain'
Organization for Economic Co-operation and Development (OECD)
Defendant
Unilateral rescission
18. A situation where one person unfairly benefits from a transaction
Unjust enrichment
Companies that are subject to the exchange act (Reporting companies)
Rule 147 of the Securities Act
Incidental beneficiary
19. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Regulation S of the Securities Act
Contracts that prohibit assignment
Truth in Lending Act
The Council on Environmental Quality
20. 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
Perfected
Scienter
National Treatment
Unjust enrichment
21. 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
Control persons
Sherman Act
The Environmental Quality Report
Market division
22. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Securities Act Registration
Counterclaims
Collective bargaining
Judgment n.o.v.
23. The difference between the value of the property as substantially complete and the value of the property upon full performance
Effect of delegation
Diminution in value
Charitable contributions
Regulation S of the Securities Act
24. 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)
Rule 12b (6) motion
Employee-at-will
Revocation
25. 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
Equal Employment Opportunity Commission (EEOC)
Security agreement
'Mailbox' rule
Adhesion
26. A trivial defect in performance (the opposite of material breach).
Res judicata
Substantial performance
Regulation A of the Securities Act
Toxic Substances Control Act
27. It is the right to receive notice of any actions that would deprive a person of life - liberty - or property - and allows for the person to have the opportunity to present a case in a fair procedure before a neutral decision-maker. A clause found in
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28. Enacted in Congress since 1963. The Clean Air Act authorizes EPA (Environmental Protection Agency) to determine what constitutes appropriate levels of common air pollutants and set standards (known as the 'National Ambient Air Quality Standards') for
Civil Law or Code Law
Section 11 of the Securities Act
Clean Air Act
Monopoly
29. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
Joint obligation
Rule 505 of Regulation D of the Securities Act
Foreign Sovereign Immunities Act
Trial court
30. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Civil liability
Res ipsa loquitor
Non-recoverable damages
Regulation S of the Securities Act
31. Punitive damage - non-economic damages - and attorneys' fees
The Social Security Administration
Clayton Act
National Labor Relations Act
Non-recoverable damages
32. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Corporate social responsibility
Procedural unconscionability
Rule 144 of the Securities Act
Prosecution
33. The promisor's failure to perform in accordance with the terms of the contract
Any statutory seller
Effect of delegation
Breach
Per se
34. It is a general rule referring to circumstances in which agreements must be in writing - and by extension when oral agreements will be unenforceable. Basic agreements that are covered by the Statute: 1) A promise by an executor to pay the estate's d
Strict liability
Foreign Sovereign Immunities Act
The Statute of Frauds
Rule 504 of Regulation D of the Securities Act
35. 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
Token consideration
Third party beneficiary
Clean Air Act
Informed consent
36. Ethical behavior is guided by duties or obligation. John Locke referred to these obligations as 'natural rights' that are natural - universal - and inalienable (as seen in the Declaration of Independence)
Misappropriation theory
Civil Law
Liquidated damages clause
Deontological
37. When the courts' power to hear cases arising under the Constitution - federal laws - or U.S. treatises. Federal question jurisdiction is exclusive.
Deontological
Objective standard
Federal question jurisdiction
Appellate jurisdiction
38. It is the power over the particular parties in a case. (a) The Supreme Court in 'Pennoyer v. Neff' - held that a defendant's physical presence in a state is sufficient for the state to exercise personal jurisdiction. (b) A person can be subject to pe
'Mailbox' rule
Strict liability
Collective bargaining
Personal jurisdiction
39. One of the primary federal federal statutes
Securities and Exchange Commission
Section 11 of the Securities Act
Securities Act
Injunction
40. An transaction between businesses in competition with one another. Such transactions are per se illegal because they significantly reduce competition. Ex: price fixing - production quotas - group boycotts - and market divisions
Offer
Group boycotts
Horizontal agreement
Federal Communications Commission
41. Defenses that would prevent the plaintiff from holding the defendant liable
Restitution
Affirmative defenses
8-K
Pre-existing duty
42. 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
Automatic stay
Securities Exchange Act of 1934
Gramm-Leach-Bliley Act
Mortgage
43. He has the enforceable right against the obligor because he is considered the real party interest.
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44. 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
Civil Law
Standing
Bureau of Consumer Protection
Delegation
45. 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
Retraction
Substitutes of consideration
Process of assignment
Res judicata
46. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Securities Exchange Act of 1934
Retraction
Contract law
Verdict
47. They represent losses that result from other transactions that are dependent upon the breached contract
Consequential damages
Defendant
Superfund
Supreme Court powers
48. Laws designed to ensure that employees who have work-related injuries receive compensation for those injuries without having to engage in litigation. Each state has worker's compensation statute - setting forth a specific level of benefits that emplo
Deontological
Strict liability
Inadequate warning defect`
Workers compensation laws
49. 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.
Investment contracts
Foreign Corrupt Practices Act
Malpractice
Superfund
50. 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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