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Test your basic knowledge |
CLEP Introductory Business Law
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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 defendant is a commercial supplier - such as a manufacturer retailer - assembler or wholesaler - and the product reaches the consumer in the same condition it was supplied - the product is unreasonably dangerous consistent with the standard
Strict liability
Intended beneficiary
Goods
Standing
2. When there is no bargained-for exchange - because there is no exchange.
Exchange Act Regulations
Tender offers
Duress
Gift
3. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Novation
Adhesion
Market division
Prosecution
4. Earliest form of a system of laws (first seen in Babylon - 1792 BC). It is a system of laws based on an established code. The modern civil law systems are based on the codes founded in the Roman Empire. Civil law systems are used in France - Spain -
Federal Trade Commission
'clear and present'
Proxy
Civil Law or Code Law
5. An independent federal agency established to promote consumer protection and reduce unfair competition among business.
Reliance
Res judicata
Demurrer
Federal Trade Commission (FTC)
6. Agreements to restrict the supply of products in order to drive up the prices of such products (a horizontal agreement)
Defenses against liability of misrepresentations or omissions
Mistake
Production quotas
Equity of redemption
7. An intent to deceive or defraud
Rule of reason
Scienter
Rational basis test
Federal circuit court of appeals and the federal court of appeals
8. Prohibits institutions from discrimination related to credit applications
Collateral
Equal Credit Opportunity Act
Fair Debt Collection Act
Judgment n.o.v.
9. Place of permanent residence
Diminution in value
Domicile
Clayton Act
Federal Trade Commission
10. Misrepresentation that was made with intent
Changed circumstances that allow a party to be excused from performance under the contract
Fraud
Duties that cannot be delegated
Title VII of the Civil Rights Act of 1964
11. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
National Labor Relations Act
Bureau of Consumer Protection
Examples of Uniform Laws
Obligor's rights
12. Plans in which employers make contributions to an employee's account and upon retirement - the employee receives benefits from the account.
Taking a contract 'out of the Statute of Frauds'
Demand assurance
Bargained-for-exchange
Defined contribution plan
13. 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.
Involuntary proceeding
Specific performance
Res judicata
Counteroffer
14. A company subject to the Exchange Act
Reporting company
Chapter 13 of the Code
Novation
Revocation
15. 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
The Statute of Frauds
Hung jury
Statute of limitations
Discharge of contract
16. This when the evidence favoring the plaintiff's allegations is stronger than the evidence presented against her position. In a civil case - the jury must decide that the plaintiff proved her case by 'preponderance of evidence'.
Criminal Law
Preponderance of evidence
'de nuvo'
Beneficiary's rights
17. A transaction that does not involve a public offering is also referred to as a private placement. In 'SEC v. Ralston Purina Co.' the Supreme Court defined a private placement as a sale to persons who do not need the protection of securities laws.
Novation
Fraud
Donee beneficiary
Private placement
18. Securities issued by the federal government - state governments - or any of their subdivision; securities issued by a charitable organization; issued by banks or saving or loan institutions - issued by a receiver or trustee in bankruptcy;. issued wit
Mutual rescission
A motion of summary judgement
Trust
Exempt securities and transactions
19. It is a pre-trial motion to take out certain matters
Motion to strike
Federal circuit court of appeals and the federal court of appeals
Mutual mistake
Rule 506 of Regulation D of the Securities Act
20. Actual performance of an obligation
Implied contract
Pension Benefit Guaranty Corporation (PBGC)
Fair Credit Reporting Act
Satisfaction
21. An error about a fact in existence at the time the contract was make. A contract entered into based on a mistake is voidable
Mistake
Uniform Commercial Code ('UCC')
Verdict
Collective bargaining
22. 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 147 of the Securities Act
Personal jurisdiction
Vertical agreements
Discovery
23. 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
Monopoly
Res ipsa loquitor
Security interest
Exclusive dealing agreement
24. When a party unlawfully indicate that he will not perform when the performance is due.
Assignee's rights
Substantive unconscionability
Environmental Protection Agency (EPA)
Anticipatory repudiation
25. It is the power to decide the type of case at issue. Federal courts do not have broad subject matter jurisdiction because they can only hear particular types of cases. Therefore - their subject matter jurisdiction results from either diversity jurisd
Model Rules of Professional Conduct
Equal protection
Counteroffer
Subject matter jurisdiction
26. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Examples of Uniform Laws
The Statute of Frauds
Investment contracts
Federal Information Act
27. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Assignee's rights
Exchange Act Regulations
Civil Law or Code Law
National Environmental Policy Act (NEPA)
28. The obligor does not need to provide consent - but does need to be given notice.
Process of assignment
Lien
Motion
Federal Trade Commission (FTC)
29. When there is a previous valid contract - agreement by all of the parties to the new contract - an intention to immediately terminate duties under the previous contract - and a new contract that is valid and enforceable.
Accord
Grand jury
Novation
Promise
30. Agreements among competitors to 'divide the market' by splitting up geographic areas in order eliminate competition in those areas (a horizontal agreement)
Market division
Legal ethics
Fair Credit Reporting Act
Social entity or stakeholder theory of the corporation
31. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
'Blue sky' laws
Judicial review
Contract
Performance
32. It is when a jury cannot reach a consensus. As a result - there must be a new trial with a different jury.
Equal Credit Opportunity Act
Rule 504 of Regulation D of the Securities Act
Duties that cannot be delegated
Hung jury
33. 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
Revocability
Informed consent
Changed circumstances that allow a party to be excused from performance under the contract
Trademark
34. Provides retirement and disability benefits to employees as well as benefits to survivors of employees. It created the Social Security Administration
Fair Credit Reporting Act
Workers compensation laws
Social Security Act
Securities Act Registration
35. A condition that cuts off a pre-existing duty
Federal Environmental Pesticide Control Act
Condition subsequent
Material breach
Expropriation
36. Law that addresses crimes and punishment of crimes - and regulates individual actions so that they follow the socially accepted behavior. Criminal laws represent crimes against society/state.
Uniform Laws
Motion of directed verdict or of dismissal
Criminal Law
Accredited investor
37. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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38. If a party is under an immediate duty to perform - the contract must be discharged either by performance or by some excuse for performance
Priority of secured transactions
Environmental Protection Agency (EPA)
Short swing profits
Discharge of contract
39. A company becomes a 'public company' when it issues its securities pursuant to this registration process.
Public company
Section 11 of the Securities Act
Jurisdiction
Prospectus
40. It is broad subject matter jurisdiction over all things that are not reserved for the federal courts
Common Law
Toxic Substances Control Act
General jurisdiction
Revocability
41. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
'Ffour corners'
Assignee's rights
Age Discrimination in Employment Act (ADEA)
42. 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.
Gramm-Leach-Bliley Act
General Agreement on Tariffs and Trades
Judgment n.o.v.
Prospectus
43. 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
Section 10(b) and Rule 10b-5 of the Exchange Act
Accredited investor
Foreign Sovereign Immunities Act
Implied contracts
44. When the stimulated amount (from the contract in case of breach) is unreasonable - it construed as a penalty and considered unenforceable.
Penalty
Remand
'clear and present'
Consequential damages
45. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Model Rules of Professional Conduct
Proxy
Regulation S of the Securities Act
Mutual rescission
46. The court reviews the...1) Express words and conduct of the party 2) Course of performance 3) Course of dealing (conduct of parties before the transaction 4) Trade usage
Rules of interpretation of a contract by a court
Federal Trade Commission
Proxy
10-K
47. The promisor's failure to perform in accordance with the terms of the contract
Effect of delegation
Contracts that prohibit assignment
Breach
Stare decisis
48. Applies to all employers who engage in interstate commerce. It authorizes the Secretary of Labor to create health and safety standards
Stare decisis
Age Discrimination in Employment Act (ADEA)
Occupational Safety and Health Act
Specialized federal courts
49. The exchange of promises or an exchange of a promise for a performance.
Intended beneficiaries of government contract
Utilitarianism
Bargained-for-exchange
Defined benefit plans
50. 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.
Performance
Corporate social responsibility
Mental incapacity
Fair Labor Standards Act (FLSA)