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Test your basic knowledge |
CLEP Introductory Business Law
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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 plaintiff's damages were caused by something other than the misrepresentation or omission
Negative causation
Reporting company
Personal jurisdiction
Counteroffer
2. When both parties agree to rescind the contract
Title VII of the Civil Rights Act of 1964
Mutual rescission
Misstatement or omission
Who is liable
3. It is an action to avoid unjust enrichment.
Restitution
Monopoly
Uniform Commercial Code ('UCC')
Securities and Exchange Commission
4. 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.
Rule 144 of the Securities Act
Third party beneficiary
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Equal Employment Opportunity Commission (EEOC)
5. The proceeding for a supervised reorganization of the debtor's business. The debtor must present a plan of reorganization to the bankruptcy court. After 120 days - creditors have the right to present competing plans. The court makes the final determi
Prospectus
'meeting of the minds'
Chapter 11 of the Code
Bargained-for-exchange
6. A company subject to the Exchange Act
Secured transaction
Reporting company
Malpractice
Grand jury
7. (Model Rules) The American Bar Association's model rules that most states base their own ethical rules for lawyers practicing within their state
Assignor
Exclusive distributor agreements
Model Rules of Professional Conduct
Grand jury
8. Agreements between competitors to set particular prices for their products (a horizontal agreement)
Creditor beneficiary
Price fixing
Injury-in-fact
Any statutory seller
9. Rules of ethics that govern the practice of law and the conduct of lawyers
Legal ethics
Horizontal agreement
National Labor Relations Board
Defined benefit plans
10. Prohibits abusive and unfair debt collection practices - and imposes penalties on debt collector who engage in such practices
General jurisdiction
'meeting of the minds'
Fair Debt Collection Act
Section 5 of the Securities Act
11. Regulates exports - including implementing export controls - which restrict the exportation of certain goods based on national security and other concerns.
Export Administration Act (EAA)
Price fixing
Contract
Examples of Uniform Laws
12. The person to whom the right is assigned
Consequential damages
Assignee
Short swing profits
Judgment n.o.v.
13. The creditor's security interest in real property
Mortgage
Hung jury
Bureau of Consumer Protection
Partial or trivial breach
14. 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.
Contract with intoxicated persons
Appellee or respondent
Judicial review
Concurrent conflict of interests
15. Manages the nation's social security system
Appellee or respondent
The Social Security Administration
Demurrer
Collateral
16. 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
Res judicata
Environmental Protection Agency (EPA)
Demand assurance
Informed consent
17. The documents that parties file in connection with their lawsuit
Appellate jurisdiction
Gramm-Leach-Bliley Act
Pleadings
10-Q
18. 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
National Environmental Policy Act (NEPA)
Occupational Safety and Health Administration (OSHA)
Token consideration
Rules of interpretation of a contract by a court
19. (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)
Counterclaims
Utilitarianism
Mortgage
Rule 147 of the Securities Act
20. A condition that cuts off a pre-existing duty
Delegation
Prospectus
Rule of reason
Condition subsequent
21. These contracts do not actually prohibit assignment - but actually prohibits delegation. Assignments will be valid unless the contract specifically states that assignment are void - which in such a case - any assignment will be treated as a breach of
Lien
Contracts that prohibit assignment
Section 12(a)(2)
'de nuvo'
22. Twelve members of jury that hear the evidence at the trial court. The Judge rules on the evidence and guides the jury on questions of law and proper rules of procedure.
Section 12 (a)(1) of the Securities Act
Federal Communications Commission
Diminution in value
Petit jury
23. States allow corporations to make donations - and courts uphold those donations as long as they are reasonable
Charitable contributions
Regulation A of the Securities Act
Section 10(b) and Rule 10b-5 of the Exchange Act
8-K
24. 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
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Commercial speech
Preponderance of evidence
Regulation S of the Securities Act
25. Congress may prohibit speech that has a 'clear and present' danger of inciting violence or other 'substantive evil'.
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26. Constitutes conduct that improper or unethical. A tort action of negligence against lawyers for failing to satisfy their professional duty of care owed to their clients.
Diversity jurisdiction
Malpractice
Scienter
Securities Act
27. The government has the right to take property. This power is limited in that the property has to be for public use - and that the owner must receive just compensation.
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28. Requires agencies to provide citizens with information they request - unless the information falls within certain exempted categories (national defense or trade secrets).
National Labor Relations Board
Design defect
Federal Information Act
Environmental Protection Agency (EPA)
29. 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.
Equal protection
Preponderance of evidence
Investment contracts
Tie-in agreement
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.'
Investment contracts
Promise
Assignment of rights
Substitutes of consideration
31. A pre-trial motion when the pleadings are vague or ambiguous.
Securities Act
Bureau of Consumer Protection
Motion for a more definitive statement
Pregnancy Discrimination ACt
32. A security interest is perfected by filing a financing statement - which describes the collateral and the creditor's security interests in the collateral. This serves as a notice to third parties. Perfection can also occur by taking possession or con
Rules of interpretation of a contract by a court
The Family and Medical Leave Act
Perfected
Illusory promise
33. An interest in property or collateral granted in order to ensure payment of a debt or obligation
National Treatment
Res judicata
Security interest
Breach
34. They represent losses that result from other transactions that are dependent upon the breached contract
Accredited investor
Injury-in-fact
Consequential damages
Specific performance
35. Actual performance of an obligation
Unconscionability
Satisfaction
Promisor's rights (in relation to the beneficiary)
National Treatment
36. Regulates stock exchanges - the over-counter market - and individuals who assist investors with trading activities.
Section 12(a)(2)
General jurisdiction
Administrative law judges
Exchange Act Regulations
37. It imposes a civil liability on anyone who offers or sells a security in violation of Section 5
National Labor Relations Act
Section 12 (a)(1) of the Securities Act
Promisor's rights (in relation to the beneficiary)
Superfund
38. An intent to deceive or defraud
Assignee
Scienter
Securities Act
Assignee's rights
39. 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'.
National Ambient Air Quality Standards
Discharge of contract
Environmental Protection Agency
Preponderance of evidence
40. A body of rules and system based on the decisions that judges have made in the past about such cases. It originated in England. In the late 1700s - Sir William Blackstone published 'Commentaries on the Law of England' - which provides the most compre
10-Q
Security interest
Pension Benefit Guaranty Corporation (PBGC)
Common Law
41. 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.
Post-trial motions
Accord
Obligor's rights
Plaintiff
42. It is the opportunity for each party to present their arguments to the appellate court. However - it is not always allowed.
Oral argument
Pre-existing duty
Accredited investor
Duty to mitigate
43. The promisor's failure to perform in accordance with the terms of the contract
Equal Pay Act (EPA)
Attorney/client privilege
Breach
Reliance
44. People who are below the age of majority (which varies from state to state). Any contract that they are a part of is void - unless - (a) sometimes when the minor intentionally misrepresented his age and caused the other party to rely on teh misrepres
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45. Suspect classifications meant classification based on race - religion - national origin - or alienage - or involving a fundamental right. If regulations involves a suspect classification - it will undergo strict scrutiny - which such regulations rare
Counteroffer
Suspect classification
Voluntarily proceeding
Market division
46. 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)
Pension Benefit Guaranty Corporation (PBGC)
Objective standard
Strict liability
47. It is the power to review decisions of the lower court. It limited to reviewing - affirming - revising - or modifying decisions of the lower court. However - in general - they give deference to the lower court's decision. They only decide to 'reverse
Appellant
National Treatment
Foreign Sovereign Immunities Act
Appellate jurisdiction
48. The principle used by courts when both parties are equally guilty of illegality - or when the party seeking restitution is more at fault than the other party
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49. Potential responsibility for payment of damages or other court - ordered enforcement as a result of a ruling in a lawsuit. Civil liability is not the same as criminal liability - which means 'open to punishment for a crime.'
Civil liability
Supervening illegality
Chapter 11 of the Code
Deliberation
50. 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
Chapter 13 of the Code
Rule 504 of Regulation D of the Securities Act
Specialized federal courts
National Labor Relations Act
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