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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.
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. Based on the Fraud on the Market Theory - it is presumed when stocks are traded in an active securities market
Clean Water Act
Reliance
Federal Information Act
Motion
2. An exemption for securities sold outside of the U.S.
Fair Debt Collection Act
Oral argument
Regulation S of the Securities Act
Collateral
3. 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
Lanham Act
Foreign Sovereign Immunities Act
Restitution
Equal Employment Opportunity Commission (EEOC)
4. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
'Takings'
Strict liability
'Definite and certain'
Civil Law
5. When a judgement becomes permanent (which occurs when an appellant appeal is denied or the time to bring an appeal has expired). It prevents the parties from re-litigating the same action.
Substantive unconscionability
Res judicata
Truth in Lending Act
Involuntary proceeding
6. One of the primary federal federal statutes
Answer
Expertised portion
Precedent
Securities Act
7. A federal statute that prohibits trademark infringement and imposes penalties on those who engage in infringing behavior
Lanham Act
8-K
Contracts that prohibit assignment
Mortgage
8. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Goods
Gift
Section 11 of the Securities Act
Stare decisis
9. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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10. Treaties among several parties that seek to allocate rights and responsibilities among the parties
Who is liable
Multilateral treaties
Examples of Uniform Laws
Writ of certiorari
11. Laws created by city councils or county boards - aimed at local matters
Ordinances
Expertised portion
'Takings'
Creditor
12. 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.
Executed exchange
10-K
Judgment n.o.v.
Unilateral mistake
13. 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.
Deontological
Attachment
Sham consideration
Workers compensation laws
14. Also known as 'gap fillers' - the courts will imply certain terms in order to clarify a contract's meaning. These include: 'implied obligation of good faith' and 'obligation to use reasonable efforts'
Creditor
Implied terms
Foreign Sovereign Immunities Act
Rule of reason
15. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
Rule 506 of Regulation D of the Securities Act
Legal capacity
Employment law
Fair Credit Reporting Act
16. Protection of communications between an attorney and her client. Neither party is compelled to disclose such communications to the court. Only the client can waive the privilege.
Attorney/client privilege
National Labor Relations Board (NLRB)
Offer
10-Q
17. Laws that states have passed that aim at regulating securities transactions within their states.
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18. The difference between the value of the property as substantially complete and the value of the property upon full performance
Toxic Substances Control Act
Diminution in value
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Lien
19. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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20. 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
Adhesion
Unconscionability
Social entity or stakeholder theory of the corporation
Prosecution
21. A company subject to the Exchange Act
Reporting company
Duress
Lanham Act
Malpractice
22. In some contracts - the parties will stipulate the amount of damages to be awarded upon a breach. The courts will award such amount if the damages were difficult to determine at the time the contract was written - the stipulated amount is a reason fo
Motion of directed verdict or of dismissal
Excuse of condition
Defined contribution plan
Liquidated damages clause
23. 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
Misappropriation theory
Obligor's rights
Design defect
Precedent
24. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Demand assurance
Obligor
Writ of certiorari
Examples of Uniform Laws
25. When a party unlawfully indicate that he will not perform when the performance is due.
Rule 12b (6) motion
Anticipatory repudiation
Undue influence
'Definite and certain'
26. 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.
Unjust enrichment
Securities Act Registration
Writ of habeas corpus
Offer
27. 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.
Restitution
Title VII of the Civil Rights Act of 1964
Federal district court
Who is liable
28. 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.
Rules of construction
Securities
Rules of interpretation of a contract by a court
Accord
29. Prohibits securities fraud. Liability will be held when misstatement/omission - materiality - connection with a securities transaction - reliance - causation - and damages are proven.
Price fixing
Export Administration Act (EAA)
Section 10(b) and Rule 10b-5 of the Exchange Act
The Family and Medical Leave Act
30. Contracts that are formed for the intended benefit of some third party.
Writ of certiorari
Third party beneficiary
Creditor beneficiary
Defined benefit plans
31. Not discriminating against foreign product - thereby treating all products within their border equally
Attachment
Federal Rules of Civil Procedures
Companies that are subject to the exchange act (Reporting companies)
National Treatment
32. The difference between the value of the performance a party should have received and the value of the performance the party actually received.
Unemployment compensation laws
Direct damages
'in pari delicto'
Beneficiary's rights
33. 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 Trade Commission (FTC)
Counterclaims
Federal circuit court of appeals and the federal court of appeals
'meeting of the minds'
34. Establishes certain rules for the proper resale - including the requirement that such securities must be held for at least one year - and sold through a broker in a transaction that involves a limited percentage of securities.
Rule 144 of the Securities Act
Securities and Exchange Commission
Rule of reason
Misappropriation theory
35. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Liability based on intentional tort
Hung jury
Economic waste
Equal Pay Act (EPA)
36. A government's taking of a foreign citizen's business and assets located in its country - generally without proper compensation.
Res judicata
Rule of reason
Expropriation
Objective standard
37. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Malpractice
Duty to mitigate
Effect of delegation
Option contract
38. Created by the Securities Exchange Act (SEC). Oversees the regulation of these federal security laws
Securities and Exchange Commission
Condition precedent
Unemployment compensation laws
Environmental Protection Agency (EPA)
39. Law that enforces promises between parties. It also provides the principles for determining whether a promise is enforceable.
Section 7A of the Clayton Act
'Ffour corners'
Trademark
Contract law
40. Misrepresentation that was made with intent
Fraud
Motion for a more definitive statement
Section 11 of the Securities Act
Utilitarianism
41. Establishes a minimum wage and policies for overtime and prohibits children under 14 from being hired
Private placement
Fair Labor Standards Act (FLSA)
Hung jury
Suspect classification
42. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Manufacturing defect
Age Discrimination in Employment Act (ADEA)
Rules of interpretation of a contract by a court
Resource Conservation and Recovery Act
43. If a person made a contract when he was a minor - once he is of age - he can affirm or disaffirm the contract (making it void or not) within a reasonable time after reaching majority (of age).
Truth in Lending Act
Securities
Affirm or disaffirm
Section 701 of the Securities Act
44. Regulates trusts and monopolies
Duties that cannot be delegated
Clean Air Act
Motion to strike
Federal Trade Commission
45. A motion that can be filed by either party at any time. The motion will be granted by a judge when finding that (a) there is no genuine issue of material fact - and as a result - (b) one party is entitled to prevail int he case as a matter of law.
Occupational Safety and Health Administration (OSHA)
Federal Information Act
A motion of summary judgement
Clean Water Act
46. It is founded by the National Environmental Policy Act (NEPA) - to be responsible for gathering information on the quality of the environment and for advising the president on the preparation of the Environmental Quality Report
Creditor beneficiary
The Council on Environmental Quality
Duty to mitigate
Termination of an invitation to make an offer
47. A promise that is inferred from a person's conduct or the circumstances of the transaction
Intended beneficiaries of government contract
Implied contract
Companies that are subject to the exchange act (Reporting companies)
Regulation S of the Securities Act
48. Regulates consumer credit reporting agencies and provides procedure for regulating the proper use and release of credit reports.
Fair Credit Reporting Act
Appellant
Gratuitous assignment
Intended beneficiary
49. A condition that occurs at the same time as performance
Economic waste
Condition concurrent
Judgment n.o.v.
Expropriation
50. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Companies that are subject to the exchange act (Reporting companies)
Bona fide occupational qualification
United States Bankruptcy Code ('Code')
Incidental beneficiary
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