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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. A person who is not an intended beneficiary
Priority of secured transactions
Statute of limitations
Incidental beneficiary
Preponderance of evidence
2. A situation in which replacement or completion costs are significantly disproportionate to the actual harm caused by the breach
Economic waste
Diminution in value
Material breach
Bureau of Consumer Protection
3. Speech regarding commercial or economic activities. Congress has a broad ability to regulate commercial speech. (However - government regulations based on content are subject to strict scrutiny - meaning that they will be sustained only if they are n
Trademark
National Labor Relations Board
Public company
Commercial speech
4. 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
Security interest
Monopoly
Companies that are subject to the exchange act (Reporting companies)
Burden of proof
5. Prohibit discrimination based on pregnancy or childbirth
Pregnancy Discrimination ACt
Remand
Bilateral contract
General Agreement on Tariffs and Trades
6. The person who assigns her rights
Monopoly
Who is liable
Expectation damages (also known as the 'benefit of the bargain')
Obligee
7. Responsibility of a seller or manufacturer for any defective product unduly threatening personal safety
Federal district court
Section 7A of the Clayton Act
Trial court
Strict liability
8. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Collective bargaining
Negative causation
Pretexting
Trust
9. Enables debtors to create a repayment plan for certain debts - while still retaining their assets.
Chapter 13 of the Code
Verdict
Diversity jurisdiction
Gift
10. When all collections by creditors must stop. This occurs when a bankruptcy proceeding is initiated.
Charitable contributions
Lien
Automatic stay
Motion of directed verdict or of dismissal
11. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
Misappropriation theory
Section 12 (a)(1) of the Securities Act
Injury-in-fact
Changed circumstances that allow a party to be excused from performance under the contract
12. Words or actions an individual may have intended - but did not communicate
10-K
Subjective intent
Regulation S of the Securities Act
Rule 504 of Regulation D of the Securities Act
13. It is a report prepared by the president. It includes an assessment of the environment and environmental policies - current and future environmental trends as well as potential remedies for deficiencies in the the nation's environmental programs and
Subjective intent
The Environmental Quality Report
National Labor Relations Act
Intended beneficiary
14. Oversees the purchase and sale of securities
Consumer protection
Securities and Exchange Commission
Effect of delegation
Subjective intent
15. Discrimination based on race or sex
Employment discrimination
Administrative law judges
Writ of habeas corpus
Bilateral contract
16. 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.
Chapter 11 of the Code
Superfund
Criminal Trial
Criminal Law
17. A distinct mark or symbol that identifies a business and its products
National Treatment
Trademark
Federal district court
Injunction
18. 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.
Verdict
Discovery
Equal Employment Opportunity Commission (EEOC)
Petit jury
19. The property that is the subject of a security interest
Fair Credit Reporting Act
Supervening illegality
National Labor Relations Board
Collateral
20. Section 24 of the Restatement defines an offer as a 'manifestation of willingness to enter into a bargain - so made as to justify another person in understanding that his assent to that bargain is invited and will conclude it.'
Offer
Statute of limitations
Supervening illegality
Commencing a lawsuit
21. 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
Taking a contract 'out of the Statute of Frauds'
Americans with Disabilities Act (ADA)
Reliance
22. (A part of Homeland Security since 2003) Responsible for preventing terrorists and terrorist weapons from entering the US.
Creditor beneficiary
Bilateral treaties
Bureau of Customs and Border Protection
Delegation
23. A group of corporations or businesses that combine together in order to enhance their economic strength and market power. `
Unjust enrichment
Promisee's rights
Demand assurance
Trust
24. One of the primary federal federal statutes
Unconscionability
Securities Act
Investment contracts
Criminal Trial
25. 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.
Accord
Mutual assent
Secured transaction
The Family and Medical Leave Act
26. 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)
Horizontal agreement
Proxy
Social entity or stakeholder theory of the corporation
27. 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
Substantive unconscionability
Perfected
Pre-existing duty
Tender offers
28. An affirmative misrepresentation - a failure to make statements necessary for other statements not to be misleading - or an omission when there is a duty to disclose.
Misstatement or omission
Product liability
Beneficiary's rights
Substantial performance
29. 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.
Corporate social responsibility
Chapter 11 of the Code
Token consideration
Assignee's rights
30. 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.
Writ of habeas corpus
'in pari delicto'
Foreign Sovereign Immunities Act
Discovery
31. 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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32. The agreement to create a security interest
Goods
'Takings'
10-Q
Security agreement
33. A misrepresentation made with knowledge of its inaccuracy
Fair Labor Standards Act (FLSA)
Plaintiff
Pleadings
Scienter
34. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Equal Credit Opportunity Act
Export Administration Act (EAA)
Production quotas
10-Q
35. Ethical behavior in terms of its consequences ('the end justifies the means')
Consequentialism
Social Security Act
Consideration
A motion of summary judgement
36. An exemption for transactions involving offerings to employees.
Mortgage
Toxic Substances Control Act
Section 701 of the Securities Act
Promisor's rights (in relation to the beneficiary)
37. If the promisor substantially performs under teh contract
Discovery
Deliberation
Injury-in-fact
Partial or trivial breach
38. 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
Post-trial motions
Exclusive dealing agreement
The Family and Medical Leave Act
Other constituency statutes
39. 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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40. When the creditor initiates the proceedings.
Termination of an invitation to make an offer
Condition concurrent
Involuntary proceeding
Chapter 7 of the Code
41. When both parties are mistaken - the mistake concerns a basic assumption on which the contract was made that has material impact on performance - and the party seeking to avoid performance has not assumed the risk of the mistake. Contract is voidable
Prosecution
Bilateral investment treaties
Mutual mistake
Organization for Economic Co-operation and Development (OECD)
42. The defendant's response (admit or deny the allegations within the complaint) to a complaint. This can confirm affirmative defenses or counterclaims.
Section 4 of the Securities Act
Executed exchange
Answer
Nonexpertized portions
43. When the jury retires to a separate room to decide the outcome of the case.
Deliberation
Motion to strike
Defenses against liability of misrepresentations or omissions
Exempt securities and transactions
44. All total breaches are material breaches. However - a total breach have factors including whether there is a likelihood of a cure - further delay will prevent the promisee from making alternative arrangements - or prompt performance is a critical ele
Collective bargaining
Statutory Seller
Bargained-for-exchange
Total breach
45. Safeguards consumer's personal information by ensuring that financial institutions that have access to private financial information have protection plans for that information - ensures that consumers receive better disclosure regarding a financial i
Mortgage
Gramm-Leach-Bliley Act
Export Administration Regulations (EAR)
Control persons
46. (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)
Occupational Safety and Health Act
Utilitarianism
'due process'
Section 10(b) and Rule 10b-5 of the Exchange Act
47. They represent losses that result from other transactions that are dependent upon the breached contract
Manufacturing defect
Excuse of condition
Affirm or disaffirm
Consequential damages
48. Place of permanent residence
Domicile
Export Administration Act (EAA)
Specific performance
Securities Act Registration
49. Is the decision by the jury on whether the defendant shoul dbe held liable for the complaint action
Verdict
Rule 144 of the Securities Act
Sherman Act
Deliberation
50. An order prohibiting a party from engaging in certain conduct. A count will only issue an injunction if the damage remedy is inadequate and the injunction is necessary to prevent irreparable harm to the non-breaching party.
The Social Security Administration
Injunction
Control persons
Secured transaction