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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. Claims that the defendant has against the plaintiff
Assignment of rights
Duty to mitigate
Procedural unconscionability
Counterclaims
2. Discrimination based on race or sex
Gratuitous assignment
Design defect
Employment discrimination
Specific performance
3. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Petit jury
Title VII of the Civil Rights Act of 1964
Statute of limitations
Materiality
4. The Securities Act defines securities broadly to includes notes - stock - bonds - debentures - stock subscriptions - voting trust certificates - limited partnership interests - investment contracts - and fractional interest in oil/gas/mineral.
Assignee
Mutual mistake
Securities
Civil Law
5. Legally recognized injury
Injury-in-fact
Rational basis test
Appellant
Americans with Disabilities Act (ADA)
6. The right to hold a security interest on a debtor's property.
Employee-at-will
Chapter 11 of the Code
Lien
Strict liability
7. It is an action to avoid unjust enrichment.
Security interest
Defined benefit plans
Investment contracts
Restitution
8. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Reporting company
Contract with intoxicated persons
Consumer protection
Process of assignment
9. Treaties entered into between two nations
Foreign Corrupt Practices Act
Bilateral treaties
Undue influence
Bilateral investment treaties
10. When the breach is so central to the contract that it significantly impairs the contract's value to the promisee. In this case - the promisee cannot terminate the agreement - but he can sue and suspend his performance.
Material breach
Export Administration Act (EAA)
Employee Retirement Income Security Act (ERISA)
The Council on Environmental Quality
11. 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)
Precedent
Uniform Laws
Statutory Seller
Export Administration Regulations (EAR)
12. When the jury retires to a separate room to decide the outcome of the case.
General jurisdiction
Securities Act Registration
Deliberation
Material breach
13. Provides for the liquidation of the debtor's assets. A trustee is appointed to oversee this process. This is only available to debtors once ever 8 years
Chapter 7 of the Code
Total breach
Complete or total integration
Process of appealing a case through the three levels of court
14. Words or actions an individual may have intended - but did not communicate
Commercial speech
Environmental Protection Agency (EPA)
Subjective intent
Attorney/client privilege
15. When a product is incorrectly manufactured that is unreasonably dangerous to consumers. To prove that 'unreasonably dangerous' - the show that an ordinary consumer would see it that way (consumer expectation test).
Specialized federal courts
Manufacturing defect
Section 12 (a)(1) of the Securities Act
10-Q
16. A beneficiary's rights vest when she (a) manifests her assent to the contract - (b) brings suit to enforce the contract - or (c) materially changes her position justifiable reliance on the contract. Once the beneficiary's rights have vested - the con
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17. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Jurisdiction
Who is liable
Supervening illegality
Mortgage
18. 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
Rule 144 of the Securities Act
Companies that are subject to the exchange act (Reporting companies)
Quasi-suspect classification
Remediation
19. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Total breach
Offer
Verdict
20. 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 -
Demand assurance
Any statutory seller
Obligee
Answer
21. The test of government regulations - of whether it is rationally related to a legitimate government interests. All classifications are subject to a rational basis test.
Rational basis test
Export Administration Act (EAA)
Sherman Act
Tender offers
22. 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.
Res judicata
Rules of construction
Section 12 (a)(1) of the Securities Act
Uniform Laws
23. Agreements whereby a seller agrees to sell one product to a customer - but only on the condition that the customer purchases another product (vertical agreement)
Trademark
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Social Security Administration
Tie-in agreement
24. 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
Perfected
Mutual assent
When an assignment becomes void
Fair Debt Collection Act
25. The collection of state and federal laws that govern the employment relationship - other than laws addressing collective bargaining and labor relations
10-K
Employment law
Reporting company
Commercial speech
26. Grants employees the right to bargain as a group and to establish - join - or assist labor organizations or unions. It requires the employers to bargain directly with the employees' representative. It establishes guidelines for the kinds of activitie
Judgment n.o.v.
National Labor Relations Act
Fair Debt Collection Act
Common Law
27. When an employer requests a sexual favor in exchange for providing an employee with some employment benefit.
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28. An assertion that is not in accord with the facts. A contract becomes voidable when it is shown that a misrepresentation was made - it was material - and the party seeking avoidance reasonably relied on it.
Deliberation
Statute of limitations
Misrepresentation
Subjective intent
29. (A form of consequentialism) It is the belief that an action is justified as long as it does the greatest good for the greatest number of people (Advocators: Jeremy Bentham and John Stuart Mill)
Utilitarianism
Legal ethics
Foreign Corrupt Practices Act
Implied contracts
30. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Assignment of rights
Incidental beneficiary
Model Rules of Professional Conduct
Suspect classification
31. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Changed circumstances that allow a party to be excused from performance under the contract
Misstatement or omission
Condition precedent
Non-recoverable damages
32. The amount of benefit one party conferred on the other - designed to prevent unjust enrichment - as though no contract had been formed.
Limited jurisdiction
Motion for a more definitive statement
Restitution and rescission
General Agreement on Tariffs and Trades
33. If the employee can prove that the employer created an implied contract to fire the employee only for the cause - such a contract will prevent firing an employee from any reason.
General Agreement on Tariffs and Trades
Implied contracts
'clear and present'
Americans with Disabilities Act (ADA)
34. A condition that cuts off a pre-existing duty
Regulation S of the Securities Act
Post-trial motions
Companies that are subject to the exchange act (Reporting companies)
Condition subsequent
35. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Assignment of rights
Section 11 of the Securities Act
The Social Security Administration
Rule of reason
36. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Defined contribution plan
Chapter 11 of the Code
Jurisdiction
Process of assignment
37. It literally means 'new'. Here it means an entirely new interpretation of legal rules - without deference to the lower court's judgment.
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38. Institutional investors - people with over a million dollars in net worth - venture capital firms - trusts with assets over $5 million - directors and executive officers of the issuing company - and other specified investors.
Duress
Employment law
Model Rules of Professional Conduct
Accredited investor
39. Federal courts that hear issues focused on a particular subject - such as federal tax courts and federal bankruptcy courts.
Pretexting
Specialized federal courts
Securities
Security agreement
40. 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
'meeting of the minds'
Suspect classification
Misstatement or omission
Pleadings
41. The party that won in the previous court trial - but the other party is appealing the decision.
Unjust enrichment
Appellee or respondent
'Infants' or 'minors'
Assignee
42. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Employee-at-will
Legal ethics
Misappropriation theory
Retraction
43. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
'Mailbox' rule
Prosecution
Standing
Scienter
44. The debtor's right to recover his property by paying the full amount of the debt - as well as any costs incurred by the creditor
Equity of redemption
Incidental beneficiary
Employee-at-will
Section 10(b) and Rule 10b-5 of the Exchange Act
45. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Regulation D of the Securities Act
Manufacturing defect
Defendant
Exclusive distributor agreements
46. It regulates chemical substances
Toxic Substances Control Act
Securities Act
Legal capacity
Precedent
47. Corporations should be concerned with the impact of their policies on the broad range of stakeholders or constituents that are affected by those policies. This also includes the idea of preserving the environment and corporate charitable giving.
Pretexting
Substantial performance
Corporate social responsibility
Obligor's rights
48. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Retraction
Obligee
Donee beneficiary
Truth in Lending Act
49. Prevents discrimination against employees who are 40years old or more
Section 10(b) and Rule 10b-5 of the Exchange Act
Effect of delegation
Age Discrimination in Employment Act (ADEA)
Environmental Protection Agency (EPA)
50. 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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