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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. Created by the Employee Retirement Income Security Act - to insure private benefit plans - and employers must pay premiums to the PBGC to support such insurance.
Secured transaction
Joint obligation
Pension Benefit Guaranty Corporation (PBGC)
Fair Credit Reporting Act
2. Issues rules and guidelines aimed at ensuring the effective implementation of anti-discrimination laws. It established procedures for employees who believe they are victims of discrimination.
Federal Insurance Contributions Act
Equal Employment Opportunity Commission (EEOC)
Chapter 13 of the Code
Post-trial motions
3. He can raise any defense against the assignee that she would have been able to raise against the assignor. This is the right to offset the assignee's claim - and thus the assignee cannot be held directly liable to the assignor for the improper action
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4. 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
'Mirror image' rule
Other constituency statutes
Bureau of Customs and Border Protection
Clean Air Act
5. Employers must provide employees with up to 12 weeks of unpaid leave for a serious health condition - the birth of a child - adoption or placement with the employee of a child in foster care - or the care of a spouse - child - or parent with a seriou
Judicial review
The Family and Medical Leave Act
Counteroffer
Corporate social responsibility
6. It is a duty that a person is already obligated to perform. The promise to perform a pre-existing duty is not a legal detriment. However - a legal detriment will exist if one promises to a performance that is different from the pre-existing duty - o
Pre-existing duty
Motion of directed verdict or of dismissal
Federal Communications Commission
National Treatment
7. When a contract is delegated - the obligee must accept the performance of the delegate. Unless the obligee agrees to release him from liability - the delegator remains liable under the contract until the delegate has performed. Once a delegate perfor
Effect of delegation
Demand assurance
Specific performance
Implied contract
8. (an exception to Title VII) Discrimination is permitted because of the occupation qualifications
Bilateral Investment Treaty program
Bona fide occupational qualification
Total breach
Writ of habeas corpus
9. Punitive damage - non-economic damages - and attorneys' fees
Offer
Demand assurance
Bona fide occupational qualification
Non-recoverable damages
10. Torts and contracts... represents law that regulates the relationships between parties.
Federal Rules of Civil Procedures
Civil Law
Foreign Sovereign Immunities Act
Revocability
11. Provides that securities cannot be offered or sold unless they have registered with the SEC (Securities Exchange Commission).
Strict liability
'Mailbox' rule
Consequentialism
Section 5 of the Securities Act
12. Seeks to promote market economics and democratic governments
Commercial speech
General Agreement on Tariffs and Trades
Rule 147 of the Securities Act
Organization for Economic Co-operation and Development (OECD)
13. 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)
Tie-in agreement
National Labor Relations Board
Inadequate warning defect`
Third party beneficiary
14. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Procedural unconscionability
Domicile
Securities Exchange Act of 1934
Group boycotts
15. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
Implied contract
Oral argument
Involuntary proceeding
16. 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
Employment discrimination
Design defect
Effect of delegation
National Ambient Air Quality Standards
17. Consideration means that there must be a bargained-for-exchange - and the promisee must incur some legal detriment. Consideration is necessary for a person seeking to enforce a contract. Courts generally do not evaluate the adequacy of the considerat
Injunction
Negative causation
Defenses against liability of misrepresentations or omissions
Consideration
18. When a court believes that a contract is so one-sides and unfair that it would be unconscionable to enforce it. (Two different types are substantive and procedural) A contract becomes voidable
Non-recoverable damages
Unconscionability
Utilitarianism
Duty to mitigate
19. The person who is bringing the suit
Plaintiff
Remediation
Satisfaction
Strict liability
20. The state representative in a criminal trial - since a crime is against the state. It bears the burden of proof
Condition subsequent
Prosecution
Post-trial motions
Mortgage
21. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
When an assignment becomes void
Nonexpertized portions
Prosecution
Consequentialism
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.
Administrative Procedure Act
Uniform Commercial Code ('UCC')
Scienter
Res judicata
23. An exemption for offers in which the aggregate price is less than $1 million (no restrictions on the number of people offering)
Rule 504 of Regulation D of the Securities Act
Implied contracts
Obligee
'Mailbox' rule
24. A trivial defect in performance (the opposite of material breach).
Substantial performance
Obligor's rights
Companies that are subject to the exchange act (Reporting companies)
Unjust enrichment
25. The other party to the contract with the oblige - and who is signaling her obligation to the assignee.
Environmental Protection Agency
Appellant
Reliance damages
Obligor
26. 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
Subject matter jurisdiction
Chapter 11 of the Code
National Labor Relations Board
Post-trial motions
27. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Foreclosure
Chapter 11 of the Code
Superfund
Burden of proof
28. He is someone who is either the person who directly sold securities to the purchaser - or someone who solicited the purchaser for a financial gain or for the seller's interests. Only a statutory seller is strictly liable for such violation of Section
Oral argument
Tie-in agreement
Bilateral Investment Treaty program
Statutory Seller
29. 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
Assignment of rights
Lien
Strict liability
Res ipsa loquitor
30. What the courts uses to assess whether or not a particular restraint (trusts that restrain trade) is reasonable (is it economically efficient)
Exchange Act Regulations
Section 12 (a)(1) of the Securities Act
Enabling acts
Rule of reason
31. 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.
Creditor
Supervening illegality
Assignor
Investment contracts
32. The right to hold a security interest on a debtor's property.
Lien
Section 10(b) and Rule 10b-5 of the Exchange Act
Horizontal agreement
National Institute for Occupational Health
33. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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34. When an offeror terminates his offer before an agreement has been made (can be done through words). It can also be revoked when the offeror takes actions that are inconsistent with the intent to be bound (unless the offeree has paid to keep the offer
Effect of delegation
Quasi-contract
Revocation
Defined benefit plans
35. It regulates chemical substances
Process of assignment
Section 12(a)(2)
Toxic Substances Control Act
General jurisdiction
36. An exchange (something bought and sold - with both the good and the money changing hands) immediately executed
Material breach
Executed exchange
Section 7A of the Clayton Act
Ordinances
37. Created through the Occupational Safety and Health Ac. It is federal administrative agency that works with employers and employees to ensure compliance with workplace safety standards. It requires employers to maintain information on employee acciden
Occupational Safety and Health Administration (OSHA)
Any statutory seller
'Definite and certain'
Contract
38. Enacted in 1969 to protect the environment from the actions of public or private actors. It declared a policy and promoted efforts to prevent or eliminate environmental damage. It also ensures that public and private actors better understand the ecol
National Environmental Policy Act (NEPA)
Motion to strike
Specialized federal courts
Securities and Exchange Commission
39. Agreements to refrain from doing business with a particular person/persons/entity in order to force such a person/entity to pay higher prices (a horizontal agreement)
Section 5 of the Securities Act
Chapter 13 of the Code
Duties that cannot be delegated
Group boycotts
40. 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.
Private placement
Section 5 of the Securities Act
Effect of delegation
Price fixing
41. Regulates radio - television - and other forms of interstate communications
Social Security Act
Federal Communications Commission
Attachment
Contracts that prohibit assignment
42. The rule regards the kind of evidence admissible when a party is explaining an agreement in writing. It excludes written or oral evidence of commitments made prior to the actual written agreement because such evidence is unreliable. Parol evidence is
Obligee
Parol Evidence Rule
Section 4 of the Securities Act
Superfund
43. The written set of charges against the defendant - which is presented to a grand jury.
Indictment
Remand
Consideration
Judicial review
44. An anti-discrimination law that prohibits employment discrimination based on race - color - religion - sex - and national origin. This prohibits discrimination in hiring - firing - recruiting - and compensation. Prohibit sexual harassment or requesti
Condition precedent
Nonexpertized portions
Employment discrimination
Title VII of the Civil Rights Act of 1964
45. 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
National Labor Relations Act
National Labor Relations Board
Restitution
Delegation
46. When a party takes back his repudiation and agrees to perform under the contract. Retraction is not valid if the non-repudiating party has materially changed her position in reliance on teh repudiation - or indicated her willingness to treat the repu
Incidental beneficiary
Deliberation
Duress
Retraction
47. Only one of the party wants to rescind the contract - which requires legal grounds to do so.
Preponderance of evidence
United States Bankruptcy Code ('Code')
Unilateral rescission
Rule 506 of Regulation D of the Securities Act
48. Oversees the purchase and sale of securities
Exclusive distributor agreements
Equal Employment Opportunity Commission (EEOC)
Securities and Exchange Commission
Commercial speech
49. Impossibility - impracticability - or frustration of purpose. The event that caused the change in circumstances must be proved to have been unforeseen.
Misappropriation theory
Personal jurisdiction
Changed circumstances that allow a party to be excused from performance under the contract
Promisee's rights
50. (1948) The first international agreement on trading rules and standards. The rules help guide the WTO on how to create trade agreements...
Superfund
Companies that are subject to the exchange act (Reporting companies)
Regulation D of the Securities Act
General Agreement on Tariffs and Trades