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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. Section 1 of the Restatement defines it as 'a promise or a set of promises for the breach of which the law gives a remedy - or the performance of which the law in some way recognizes a duty'.
Contract
General Agreement on Tariffs and Trades
Regulation S of the Securities Act
Original jurisdiction
2. A promise that is inferred from a person's conduct or the circumstances of the transaction
Verdict
Implied contract
Social Security Administration
Bilateral treaties
3. A U.S. program that coordinates efforts to provide protection for the investment interests of it's citizens doing business in foreign countries - and improve investor's access to foreign markets. Helps develops international policies and laws
The Family and Medical Leave Act
Bilateral Investment Treaty program
Attorney/client privilege
Mutual assent
4. The Constitution makes treaties the 'supreme law of the land'
Reliance
Treaties authority
Per se
National Institute for Occupational Health
5. Torts and contracts... represents law that regulates the relationships between parties.
Creditor
Civil Law
Domicile
Employee Retirement Income Security Act (ERISA)
6. 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
Appellate jurisdiction
Rule 147 of the Securities Act
Option contract
Foreign Corrupt Practices Act
7. When a control makes a profit purchasing and selling her shares within a six-month period
Short swing profits
Negative causation
Pregnancy Discrimination ACt
Diminution in value
8. A condition that occurs at the same time as performance
Condition concurrent
Illusory promise
Expropriation
Shareholder primacy
9. One of the primary federal statutes - and it created the Securities and Exchange Commission (SEC).
Standing
Securities Exchange Act of 1934
Domicile
Clean Air Act
10. In order for a contract to be enforceable - the terms of the contract must be definite and certain. In order for a contract to be 'definite and certain' - it must contain all the essential terms (names of parties - prince - subject matter - and time
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11. 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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12. Courts that do no have broad subject matter jurisdiction because they can only hear particular types of cases. For example - Federal courts have limited jurisdiction and do not have broad subject matter jurisdiction.
Administrative law judges
Unilateral contract
Defined benefit plans
Limited jurisdiction
13. Defenses that would prevent the plaintiff from holding the defendant liable
Quasi-suspect classification
Corporate social responsibility
Affirmative defenses
Process of appealing a case through the three levels of court
14. The person who assigns her rights
Suspect classification
Obligee
Specialized federal courts
Multilateral treaties
15. The property that is the subject of a security interest
Pretexting
Security agreement
National Treatment
Collateral
16. 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
Title VII of the Civil Rights Act of 1964
Regulation S of the Securities Act
Superfund
Sham consideration
17. 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
National Labor Relations Board
10-Q
Parol Evidence Rule
Exempt securities and transactions
18. The difference between the value of the property as substantially complete and the value of the property upon full performance
Automatic stay
Shareholder primacy
Pre-existing duty
Diminution in value
19. 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.
Duty to mitigate
Goods
Enabling acts
Fraud
20. 1) By lapse of time: When an 'invitation to make an offer' is made but not accepted - the offer will terminate once a reasonable period of time has passed (whether agreed upon time or not) 2) Death of the offeror 3) If the offeror proves to be mental
Termination of an invitation to make an offer
Gramm-Leach-Bliley Act
National Institute for Occupational Health
Discovery
21. Prohibit agreements among corporations that would unreasonably restrain trade or create monopolization in an industry
Sherman Act
Unilateral mistake
National Institute for Occupational Health
Section 12(a)(2)
22. 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
Misappropriation theory
Intended beneficiaries of government contract
Penalty
Obligor
23. The EPA was established to oversee pollution control efforts. It is charged with working with federal - state - and local official to protect the national environment and provide guidance towards effective policies - and sets standards for environmen
Environmental Protection Agency (EPA)
Remand
Procedural unconscionability
Negative causation
24. Once a beneficiary's rights have vested - she has enforceable claim against the promisee because the promisee's act was gratuitous. The beneficiary's rights arise from the contract between the promisor and the promisee
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25. Hindrance (a party prevents a condition from occurring) - a party's material breach - a party's anticipatory repudiation - a party's substantial performance - and an agreed upon waiver.
Securities Act Registration
Commercial speech
Excuse of condition
Legal detriment
26. An exemption for securities sold outside of the U.S.
Concurrent conflict of interests
Complete or total integration
Regulation S of the Securities Act
Civil Law
27. 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
Substitutes of consideration
Exclusive distributor agreements
Defined benefit plans
Chapter 11 of the Code
28. It focuses on the clean up of abandoned or historical hazardous waste sites - for which it established a 'Superfund'. The EPA (Environmental Protection Agency) identifies particularly egregious sites and places them on a National Priorities List. The
Creditor beneficiary
Design defect
Fraud
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
29. When a person misappropriates information learned in the context of a fiduciary relationship or a relationship of special trust. It is considered as insider trading
Misappropriation theory
Defendant
Clayton Act
Contracts that prohibit assignment
30. When the representation of one client will be directly adverse to another client - or there is a significant risk that the representation of a client will materially limit the lawyer's ability to provide effective representation to another client. Th
Rule 12b (6) motion
Clayton Act
Commercial speech
Concurrent conflict of interests
31. It imposes civil liability for material misrepresentations or omission in the registration statement. Reliance or causation does not need to be proven.
Legal capacity
Specialized federal courts
Section 11 of the Securities Act
Automatic stay
32. 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.
Uniform Laws
Judicial review
Shareholder primacy
Securities and Exchange Commission
33. It imposes a civil liability for material misstatements or omissions in a prospectus or oral statements that relate to a prospectus.
Section 12(a)(2)
Section 4 of the Securities Act
Answer
Foreign Corrupt Practices Act
34. In order for a court to hear a case - it must have both subject matter jurisdiction and personal jurisdiction.
Section 4 of the Securities Act
Bureau of Customs and Border Protection
Control persons
Jurisdiction
35. A substantial likelihood that a reasonable investor would consider the statement or omission important in making a decision about a securities transaction
Group boycotts
Unilateral contract
Materiality
Public company
36. An exemption for offers: no limitation on dollars - but less than 35 people (sophisticated) - excluding accredited investors.
Grand jury
Rule 506 of Regulation D of the Securities Act
Unjust enrichment
Federal Information Act
37. A classification that includes gender and legitimacy. If the regulation involves quasi-suspect classification - then the courts may apply intermediate scrutiny. Thus - the regulation will be valid so long as it is substantially tailored to meet an im
Stare decisis
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
Assignment of rights
Quasi-suspect classification
38. Laws that provides employees with compensation for a set period of time when they become unemployed through no fault of their own. It is a combined federal and state insurance program in which they both contribute money - along with the employers. Ea
Unemployment compensation laws
Third party beneficiary
Attorney/client privilege
Export Administration Act (EAA)
39. A condition that must occur before a duty to perform arises
Condition precedent
Environmental Protection Agency (EPA)
Assignee's rights
Exempt securities and transactions
40. A motion claiming that the plaintiff has not established enough evidence to prove her case. The motion can be made by the defendant when the plaintiff has finished completed presenting the case.
Motion of directed verdict or of dismissal
Judgment n.o.v.
Liability based on intentional tort
Collective bargaining
41. It is a pre-trial motion to take out certain matters
Horizontal agreement
Expectation damages (also known as the 'benefit of the bargain')
Motion to strike
Trust
42. 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.'
Voluntarily proceeding
Offer
Retraction
Who is liable
43. Actual performance of an obligation
Motion of directed verdict or of dismissal
Consequentialism
Satisfaction
Securities Act
44. 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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45. A contract that is made where two promises are outstanding.
Duress
Economic waste
Scienter
Bilateral contract
46. A set of statements reflecting generally agreed upon pronouncements of common law contract rules.
Restatement (Second) of Contracts
Manufacturing defect
Expertised portion
Comprehensive Environmental Response - Compensation - and Liability Act (CERCLA)
47. If the promisor substantially performs under teh contract
Pregnancy Discrimination ACt
Partial or trivial breach
Common Law
'Blue sky' laws
48. If a performance has already occurred - or a promise has already been made - then it generally cannot serve as the basis for consideration because it cannot be considered to have induced a bargain. Therefore - 'past consideration' is insufficient.
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49. It is an act - forbearance - or the creation - modification - or destruction of a legal relationship
Res judicata
Performance
Vertical agreements
Shareholder primacy
50. 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
Civil liability
Charitable contributions
Organization for Economic Co-operation and Development (OECD)
Contracts that prohibit assignment