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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. Regulates trusts and monopolies
Sherman Act
Section 4 of the Securities Act
Federal Trade Commission
General Agreement on Tariffs and Trades
2. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
National Institute for Occupational Health
Fair Debt Collection Act
Informed consent
Reliance
3. The power of the Supreme Court to review federal or state law as constitutional or not. It is the result of the 'Marbury v Madison' case.
Complete or total integration
National Ambient Air Quality Standards
Judicial review
Federal Environmental Pesticide Control Act
4. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Attorney/client privilege
General Agreement on Tariffs and Trades
Unilateral rescission
Employment discrimination
5. The first court to consider an action
Excuse of condition
Per se
Mortgage
Original jurisdiction
6. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Rule 12b (6) motion
Express contract
Unemployment compensation laws
Substantive unconscionability
7. Motions that can be made by the loosing party after a trial. This includes a motion for a new trial or a motion for a judgment notwithstanding the verdict (judgment n.o.v.).
Monopoly
Restatement (Second) of Contracts
Token consideration
Post-trial motions
8. 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
Lanham Act
Inadequate warning defect`
Promise
Liquidated damages clause
9. An undertaking or commitment to act or refrain from acting in a specified way in the future. There is a 'promisor' and the 'promisee' - and sometimes a 'beneficiary' (someone else who benefits - but is outside the promise)
Chapter 7 of the Code
Promise
Who is liable
Obligor
10. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Superfund
Charitable contributions
Sherman Act
Rule 505 of Regulation D of the Securities Act
11. This term refers to the notion that the person who brings suit must have a legally recognized injury (injury-in-fact).
Complete or total integration
Standing
Supervening illegality
The Family and Medical Leave Act
12. An exemption for securities sold outside of the U.S.
Rational basis test
Attorney/client privilege
Regulation S of the Securities Act
Incidental beneficiary
13. Latin for 'the thing speaks for itself' - when a plaintiff establishes the harm would not ordinarily occur without someone's negligence - the instrument creating the harm was under the sole and complete control of the defendant at the time the harm o
Scienter
Rule 144 of the Securities Act
Rule 505 of Regulation D of the Securities Act
Res ipsa loquitor
14. 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.
Exclusive distributor agreements
Uniform Laws
Implied contracts
Obligor
15. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Export Administration Act (EAA)
General jurisdiction
National Labor Relations Board
Obligor
16. 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
Substitutes of consideration
Mutual assent
Federal Rules of Civil Procedures
'in pari delicto'
17. Treaties between two nations addressing investment concerns
Promisee's rights
Affirm or disaffirm
Bilateral investment treaties
Deliberation
18. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Federal circuit court of appeals and the federal court of appeals
Creditor beneficiary
Organization for Economic Co-operation and Development (OECD)
Section 11 of the Securities Act
19. 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
Securities and Exchange Commission
Assignment of rights
Companies that are subject to the exchange act (Reporting companies)
Equal protection
20. Words or actions an individual may have intended - but did not communicate
Subjective intent
When an assignment becomes void
Anticipatory repudiation
Implied terms
21. The person to whom the right is assigned
Bilateral investment treaties
Intended beneficiaries of government contract
Assignee
Burden of proof
22. 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
Federal district court
Investment contracts
Adhesion
Undue influence
23. The right of both parties to gain information concerning the other party and her witnesses.
Affirmative defenses
Clayton Act
Securities and Exchange Commission
Discovery
24. 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.
Substantial performance
Accredited investor
Pregnancy Discrimination ACt
Intended beneficiary
25. Agreements that grant an entity an exclusive right to manufacture a product within a given area. The Clayton Act prohibits such agreements. (vertical agreement)
Promisee's rights
Horizontal agreement
When an assignment becomes void
Exclusive distributor agreements
26. The person who is bringing the suit
Plaintiff
Chapter 7 of the Code
Statutory Seller
Federal Trade Commission (FTC)
27. 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
Federal Rules of Civil Procedures
Foreign Sovereign Immunities Act
Mistake
'de nuvo'
28. (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
Manufacturing defect
Fair Credit Reporting Act
Remediation
29. Prohibit mergers and acquisitions that may reduce competition or create a monopoly
Clayton Act
Bilateral investment treaties
Delegation
Specific performance
30. It is a transaction pursuant to which one party transfers her rights under a contract to another. The Restatement defines an assignment as the 'manifestation of an intention to transfer a right to a third person.'
Priority of secured transactions
Assignment of rights
Discovery
The Family and Medical Leave Act
31. A group of between 16 and 23 jurors who decide whether there is sufficient evidence to charge the defendant with a crime. A grand jury is required in the 5th Amendment for all criminal cases. The grand jury has the power to subpoena witnesses and doc
Grand jury
General Agreement on Tariffs and Trades
Injunction
Section 11 of the Securities Act
32. 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.
Who is liable
Attorney/client privilege
Ordinances
Production quotas
33. Regulates radio - television - and other forms of interstate communications
Any statutory seller
Federal Communications Commission
Civil Law or Code Law
Prospectus
34. 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
Bilateral Investment Treaty program
Domicile
Demurrer
Attorney/client privilege
35. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Assignment of rights
Rule of reason
Trial court
Levels of courts
36. 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
Rule 144 of the Securities Act
Personal jurisdiction
Diminution in value
Misappropriation theory
37. They represent losses that result from other transactions that are dependent upon the breached contract
Bureau of Customs and Border Protection
Pension Benefit Guaranty Corporation (PBGC)
Automatic stay
Consequential damages
38. A condition that must occur before a duty to perform arises
Unemployment compensation laws
Condition precedent
Production quotas
Unilateral rescission
39. 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.
Concurrent conflict of interests
Judgment n.o.v.
National Labor Relations Board (NLRB)
Offer
40. If a promisee is conferring a benefit on a third party in order to satisfy a prior obligation - the beneficiary is referred to as a 'creditor beneficiary'
Obligee
Bureau of Consumer Protection
Civil liability
Creditor beneficiary
41. A quarterly report required by the Exchange Act
Section 11 of the Securities Act
Federal Trade Commission (FTC)
Misstatement or omission
10-Q
42. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Supervening illegality
Exchange Act Regulations
Production quotas
Exclusive distributor agreements
43. An offer is not viewed as accepted unless the acceptance corresponded exactly with the terms of the offer. Therefore - any response by the offeree that changed the terms of the agreement would be treated as a rejection.
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44. 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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45. Provides specific (3) categories for exemption: Rule 504 - 505 - 506
Regulation D of the Securities Act
Americans with Disabilities Act (ADA)
Mutual mistake
Objective standard
46. Prohibits institutions from discrimination related to credit applications
Intended beneficiaries of government contract
Federal Rules of Civil Procedures
Equal Credit Opportunity Act
Adhesion
47. Obtaining consumer's private financial information under false pretenses
Pretexting
Ordinances
Answer
Public company
48. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Condition precedent
Production quotas
Vertical agreements
Penalty
49. An exemption for offerings that occur primarily within one state.
When an assignment becomes void
Rule 147 of the Securities Act
Condition concurrent
Creditor beneficiary
50. An agreement pursuant to which a creditor receives a security interest in some property or asset in exchange for lending money. In the event of a default - the security interest allows the creditor to take possession of the property/asset in order to
Secured transaction
Inadequate warning defect`
Levels of courts
Commencing a lawsuit