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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. The documents that parties file in connection with their lawsuit
Supreme Court powers
Securities Act Registration
Pleadings
The Social Security Administration
2. It requires anyone who handles hazardous wastes to keep particular records of their activities - and comply with various rules and standards regarding their disposal of waste
Scienter
Rule of reason
Resource Conservation and Recovery Act
Process of assignment
3. The UCC defines 'goods' as all things that tare movable at the time of the contract. Article 2 of the says that the UCC governs all transactions for the sale of goods.
Goods
Malpractice
Prospectus
'meeting of the minds'
4. When the court finds that one party lacks choice or there are gross inequities in the bargaining positions between the two parties (use of adhesion qualifies) A contract becomes voidable.
Plaintiff
Procedural unconscionability
Foreclosure
'meeting of the minds'
5. Regulates air and water pollution as well as address problems associated with certain toxic substances
Product liability
Federal Trade Commission
Judicial review
Environmental Protection Agency
6. Seeks to promote market economics and democratic governments
Unilateral contract
Organization for Economic Co-operation and Development (OECD)
'Mirror image' rule
Misappropriation theory
7. This involves filing a registration statement with the SEC - which contains information about the securities to be registered as well as the company that is issuing the security. Included within the registration statement is a prospectus
Securities and Exchange Commission
Securities Act Registration
Federal district court
Market division
8. 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.
Pension Benefit Guaranty Corporation (PBGC)
Suspect classification
Section 10(b) and Rule 10b-5 of the Exchange Act
Judicial review
9. Prohibits differences in wages based on the gender of men and women who perform substantially same work.
Writ of certiorari
Indictment
Age Discrimination in Employment Act (ADEA)
Equal Pay Act (EPA)
10. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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11. 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.).
Implied terms
Duty to mitigate
Post-trial motions
Environmental Protection Agency
12. Previous decisions made by decisions - by which the current judges must abide by.
Mutual rescission
Precedent
Environmental Protection Agency (EPA)
Pleadings
13. 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.
Intended beneficiaries of government contract
Rational basis test
Exclusive dealing agreement
Post-trial motions
14. 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)
Gramm-Leach-Bliley Act
Social Security Administration
Promise
Intended beneficiaries of government contract
15. A trust formed to dominate an industry
Appellate jurisdiction
Occupational Safety and Health Administration (OSHA)
Foreign Corrupt Practices Act
Monopoly
16. A fund with the goal of locating - investigating - and cleaning up abandoned or historical hazardous waste sites.
Breach
Ordinances
Superfund
Implied contracts
17. Model Business Corporations Act and the Uniform Partnership Act of 1914 - which was superceded by the Uniform Partnership Act of 1984
Regulation S of the Securities Act
Examples of Uniform Laws
Accord
Monopoly
18. This refers to the legal ability to forma contract (proof of lack of contract makes a contract voidable)
Legal capacity
Diversity jurisdiction
When an assignment becomes void
Civil Law
19. An exemption for offerings that occur primarily within one state.
Rule 147 of the Securities Act
Excuse of condition
Prosecution
The Family and Medical Leave Act
20. Ensures fair disclosure of credit terms - thereby protecting consumers from inaccurate and unfair billing and credit card practices
Truth in Lending Act
Clean Water Act
Horizontal agreement
Excuse of condition
21. A pre-trial motion when the pleadings are vague or ambiguous.
Expectation damages (also known as the 'benefit of the bargain')
Motion for a more definitive statement
Remediation
Bilateral treaties
22. They are the 'Federal Rules' that govern the procedures for filing a civil suit in federal cort. The states have adopted their own rules of procedures - but they generally are parallel to the federal rules.
Federal Insurance Contributions Act
Federal Rules of Civil Procedures
Suspect classification
Exchange Act Regulations
23. Oversees the purchase and sale of securities
Companies that are subject to the exchange act (Reporting companies)
Securities and Exchange Commission
Clean Water Act
Performance
24. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Objective standard
Delegation
Exchange Act Regulations
Diversity jurisdiction
25. The exchange of promises or an exchange of a promise for a performance.
Monopoly
Bargained-for-exchange
Condition precedent
'Quid pro quo'
26. Exceptions to the writing contract in the Statute of Frauds. This is when: (a) a party admits in a pleading/testimony in court - that a contract was made - the contract is enforceable against the party to the extent of the admission - (b) performance
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27. The promisor's failure to perform in accordance with the terms of the contract
Direct damages
Supreme Court powers
Appellee or respondent
Breach
28. The right of both parties to gain information concerning the other party and her witnesses.
Discovery
Unilateral rescission
Original jurisdiction
Section 11 of the Securities Act
29. A concept referring to laws and statutes aimed at addressing issues of concern to consumers.
Accredited investor
Adhesion
Consumer protection
Scienter
30. 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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31. The standards designed to reduce the presence of pollutants int eh air to levels that are consistent with promoting good health and preserving the environment. States must ensure that they are in compliance with such standards
National Ambient Air Quality Standards
Securities and Exchange Commission
Res ipsa loquitor
Uniform Laws
32. Claims that the defendant has against the plaintiff
Counterclaims
Gift
Levels of courts
Performance
33. 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
Rules of construction
Secured transaction
Accord
Toxic Substances Control Act
34. A writ of certiorari is granted by the Supreme Court to a party appeal that they have decided to hear. It requires that four of the nine justice agree to hear the case. The majority of cases appealing to the Supreme Court are denied a writ of certior
Writ of certiorari
Rule 506 of Regulation D of the Securities Act
Bilateral contract
Administrative Procedure Act
35. These people are presumed to be incidental beneficiaries - so that they cannot sue the government. Nevertheless - this presumption is rebutted if (a) the government contract or a state clearly confers a private right of enforcement - or (b) the gover
Intended beneficiaries of government contract
Option contract
Token consideration
Shareholder primacy
36. Portions of a registration statement that are not certified by an expert such as financial statements or legal opinions
Affirm or disaffirm
Nonexpertized portions
Bilateral contract
Restitution
37. If the promisee merely intends to confer a gift - the third party is referred to as a donee beneficiary.
Donee beneficiary
Assignee
Equity of redemption
Secured transaction
38. Punitive damage - non-economic damages - and attorneys' fees
Reporting company
Non-recoverable damages
Motion to strike
National Treatment
39. Negotiations between employers and groups of employees to create a collective agreement regarding employment compensation and other benefits.
Foreclosure
Prospectus
Collective bargaining
Involuntary proceeding
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.
'in pari delicto'
Securities Act
Private placement
'due process'
41. Any party bringing suit must have standing (the legal right to bring the suit). The plaintiff files a complaint with the trial court setting for the basis of his lawsuit. The court must then issue to the defendant a copy of the complaint and a summon
Scienter
Commencing a lawsuit
Chapter 11 of the Code
Rules of construction
42. This sets standards for federal agency rule making as well as standards for hearings conducted by such agencies. A court appeal is not allowed until all administrative remedies have been exhausted. Courts do not overturn agency actions unless they ar
Accord
Administrative Procedure Act
'due process'
Unemployment compensation laws
43. A contract entered into by a person who is intoxicated (by alcohol or drugs) is also voidable by the intoxicated person. This can be done by proving that he did not understand the nature and significance of her actions - or the other party had reason
Demurrer
Contract with intoxicated persons
Delegation
Consequential damages
44. An offeror undertakes 'joint obligation' when he has made an offer to more than one person - which was then accepted.
National Treatment
Environmental Protection Agency
Joint obligation
Section 4 of the Securities Act
45. A condition that must occur before a duty to perform arises
Condition precedent
Misappropriation theory
Complete or total integration
'Mirror image' rule
46. 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)
Price fixing
Securities and Exchange Commission
Uniform Laws
Ordinances
47. A situation where one person unfairly benefits from a transaction
The Statute of Frauds
Unjust enrichment
Unilateral rescission
Consumer protection
48. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
Process of appealing a case through the three levels of court
Any statutory seller
Federal Information Act
Post-trial motions
49. It regulates chemical substances
Obligor
Writ of habeas corpus
Toxic Substances Control Act
Workers compensation laws
50. When the creditor initiates the proceedings.
Involuntary proceeding
The Environmental Quality Report
Complete or total integration
Quasi-suspect classification